- XRP’s sudden surge to $0.545 wiped out $2.62 million in short bets in just one hour.
- This surge was caused by a short squeeze, leading to a 9% gain in 24 hours.
- Technical analysis suggests potential price trends and anticipation of Ripple’s event may have contributed to the surge.
XRP experienced a sudden surge, catapulting its value to $0.545 within just one hour. This unexpected rally sent shockwaves through the crypto market, leaving many traders and enthusiasts eager to uncover the driving forces behind this meteoric rise.
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The abruptness of this upward movement led to approximately $2.62 million in short bets being liquidated within a mere hour. Traders who had bet against XRP’s price saw their positions wiped out in minutes, underlining the inherent risk associated with cryptocurrency trading.
This astonishing price surge appears to be the result of a short squeeze. A short squeeze happens when rising asset prices force traders to buy back at higher prices to cut their losses. In the wake of this squeeze, XRP witnessed an overall 9% gain in 24 hours, with nearly 7% of that increase happening in just one hour.
Moreover, technical analysis of XRP’s price movement reveals that daily moving averages have converged, setting the stage for a potential crossover. A crossover involving the daily moving average (MA) of 50 and the daily moving average (MA) of 200 can indicate future price trends.
Source: TradingView
Another factor that may have contributed to XRP’s sudden surge is the anticipation surrounding an event hosted by Ripple. Dubbed the “Ripple Proper Party,” this event took place on September 29 in New York. The XRP community awaited potential announcements and developments Ripple might unveil during the celebration.
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