XRP News Today: XRP Surges 75% Since June Low, Liquidations Exceed $40 Million

Ripple’s native token, XRP, has surged past $3.3, marking a significant milestone in its journey towards its all-time high of $3.4, which was set in January 2018. This surge has left many over-leveraged traders in a precarious position, with liquidations for XRP exceeding $40 million in a single day.

The asset has seen a remarkable increase, jumping by approximately 50% since last week when it broke out of its consolidation phase. This surge has been even more pronounced since the late June low of $1.9, with XRP skyrocketing by 75%. The volatile nature of this rally has led to significant liquidations, with short positions dominating, accounting for over $29 million out of the total $44.32 million in liquidations.

Despite the slight retracement from its peak of $3.34, XRP remains above $3.3 as of the latest reports. This volatile ride has not only affected speculative traders but has also highlighted the potential for further gains. The resistance at $3.4 could be challenging to penetrate, but several bullish factors could propel another rally, according to an analysis by an AI chatbot.

While XRP still trails behind Bitcoin (BTC) and Ethereum (ETH) in terms of daily liquidations, the surge to a new six-month peak underscores the growing interest and volatility in the cryptocurrency market. The liquidations serve as a reminder of the risks associated with leveraged trading, as thousands of traders have been caught off guard by the sudden price movements.