XRP jumps 8% as crypto short squeeze and Ripple developments draw attention

Key takeaways

• XRP rose more than 8% in 24 hours as the broader crypto market rallied.
• Its trading volume increased 55% to approximately $4.7 billion.
• Crypto-wide short liquidations reached about $665 million; that figure is not specific to XRP.

XRP outpaces major cryptocurrencies

XRP gained more than 8% over 24 hours amid a broad cryptocurrency rally. Trading volume rose 55% to approximately $4.7 billion, equivalent to about 5% of XRP’s circulating market value.

The higher volume shows that trading activity increased alongside the price. It does not, by itself, establish how much of that activity came from new buyers rather than sellers closing positions.

A wider short squeeze may have contributed to the move. Across the crypto market, short liquidations climbed to approximately $665 million, according to the figures cited in the report. Liquidations force some traders betting on falling prices to close their positions, which can amplify a rally.

XRP’s gains also come as Ripple continues to expand its payments busi...