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 business and develop uses for the XRP Ledger.

The report points to a newly released developer kit for building AI agents that can make payments using the ledger and Ripple’s RLUSD stablecoin. It also describes Stripe as potential supporting infrastructure for that use case. The scale of any resulting payment activity remains to be seen.

Meanwhile, two XRP Ledger proposals under consideration could help establish a framework for lending that uses XRP as collateral and RLUSD for settlement. Their eventual effect depends on approval, implementation and adoption.

RLUSD’s market capitalization was near $2.4 billion in the figures cited by the report. Growth in the stablecoin may increase activity in Ripple’s ecosystem, though it does not guarantee a corresponding rise in XRP’s price.

XRP faces $1.50 breakout test

The technical analysis in the report identifies a breakout from a descending flag pattern on XRP’s daily chart. 

The next test is $1.50: a sustained move above that level would strengthen the case for a rise toward $1.80.

The analyst also projects a medium-term target of $2.10 based on the pattern’s measured move, implying roughly 41% upside from the price used in that forecast.

Those targets remain conditional. After a sharp rally and substantial short liquidations, XRP will need continued buying interest to hold its breakout and advance through $1.50.