- XRP surged past the $2.20 level, marking its strongest rally of April, pushing market cap close to its record high of $130.5 billion as traders eye further upside
- Short sellers faced $8 million in liquidations, with Binance and Bybit seeing the biggest losses as leveraged bets against XRP were wiped out by the sudden price increase
- Whether XRP’s $2.20 support holds or fades remains uncertain, but current momentum has traders speculating whether the breakout could push the altcoin beyond its yearly highs
On April 22nd, XRP was finally able to break above its sideways momentum, going on the strongest rally of the month so far. Currently, the altcoin is trading at $2.20, up by 6.49% over the previous 24 hours. At its daily peak, $XRP hit upwards of $2.25—cementing its highest value since March 28.
Since the end of the bull run around February, buyers have been fighting to retain the $2.00 zone for the majority of the time. Albeit still a small victory, today’s strong momentum led XRP to reclaim the key $2.20 zone—which has served as support several times this year.
XRP’s market capitalization is now at $129 billion, “only” around $1 billion short of its record high market cap of $130.5 billion.
Investors Betting Against XRP Lose $8 Million
Coinglass data reveals that short sellers suffered significant losses, with $8 million in liquidations as XRP’s rally pushed past the $2.20 zone. The sudden price surge wiped out leveraged positions, particularly on Binance and Bybit, where traders betting against XRP faced the heaviest liquidations.
The exchange-level breakdown highlights the market’s overall bearish sentiment leading up to XRP’s surge today. For instance, Binance saw $633K in short liquidations over the past hour alone, while Bybit recorded an even larger $1.82M wipeout, both signaling how aggressive the sell-side positioning was before XRP broke resistance.
The latest price action seems to have triggered forced buy-backs from short sellers while possibly reinforcing XRP’s $2.20 zone as a key level—though whether it holds remains to be seen.
Looking for a solid trading bonus? WEEX is offering a 20% deposit reward, with bonuses up to 28000 USDT. Trade 1M USDT to get 160 bonus—perfect for traders looking to maximize their rewards!
