XRP price analysis: Ripple linked token rockets 18% as bitcoin breaks $70,000
XRP surged 18% to near $1.49, staging a major recovery after a sharp selloff, coinciding with Bitcoin briefly surpassing $70,000.Summary
XRP experienced a sharp 18% rebound on Friday, trading near $1.49 after plummeting the previous day, making it the top recovery among major tokens. This bounce followed a significant selloff to about $1.14, which triggered heavy liquidations, particularly of leveraged bullish bets. Data indicated that short liquidations ($26 million) nearly matched long liquidations ($30 million), suggesting the initial drop was mechanical clearing of positions rather than reaction to new negative news. This recovery occurred despite ongoing efforts by Ripple to promote institutional utility for the XRP Ledger. The rally appears to be a classic crypto snapback following a leverage wipeout, rather than a fundamental shift in sentiment. Analysis of futures positioning showed that while retail traders were overwhelmingly long, the largest traders on Binance were net short (ratio of ~0.73), indicating they were positioned to profit from the flush of smaller, overly bullish retail positions before the subsequent violent rebound.
(Source：CoinDesk)