XRP Price Surge Triggers $1.07M in Liquidations Amid ETF Speculation

XRP has experienced a strong price rebound over the past 48 hours, resulting in $1.07 million in liquidations, according to CoinGlass data. Of this, $596,580 was from long traders, while short traders accounted for $476,140. The sudden surge in XRP’s price led to significant market shake-ups compared to Bitcoin (BTC), which only saw $109,270 in cumulative liquidations during the same period.

The data highlights an imbalance in Bitcoin liquidations, where long traders lost $88,570, over three times the $20,070 lost by short traders. Analysts link the intense liquidations to excitement around a potential XRP exchange-traded fund (ETF) approval.

Investor interest surged after Grayscale filed to convert its XRP Trust into a spot ETF, driving XRP’s trading volume up by 47.39% to $8.05 billion. The broader crypto market is also speculating that the U.S. Securities and Exchange Commission (SEC) may withdraw its appeal against Ripple, further fueling optimism. The SEC has already acknowledged key filings for the proposed XRP ETF, with Ripple CEO Brad Garlinghouse stating that the acknowledgment was inevitable despite some opposition.

XRP’s price rally, coupled with increased ETF speculation, has created a bullish sentiment, attracting more traders and driving heightened market activity. As the crypto community awaits further developments, attention remains on the SEC's next move and its impact on XRP’s market trajectory.