Traders betting short on XRP have suffered huge losses within the last 12 hours as the liquidation imbalance soared by 1,278%. The liquidation comes as price climbed by over 4% amid a broader market recovery in the crypto space.
XRP short sellers face heavy losses as price rebounds
Per CoinGlass data, a total of $2,630,000 was wiped out as XRP recorded a bullish recovery. The development continues a week of intense liquidation as the price continues to move toward recovery despite the prevailing volatility.
XRP made a rebound move as global trade began to see steady relief. Additionally, the leading digital asset, Bitcoin, has also surged above $71,000, pulling altcoins along in the rise.
XRP jumped from a low of $1.30 to a daily peak of $1.39 in the last 24 hours. As of this writing, XRP exchanges hands at $1.38, representing a 5.19% increase within the time frame. The price uptick has triggered increased engagement among traders, with volume spiking by 84.06% to $2.93 billion.
Although the market suggests a bullish outlook, market participants remain cautious as they watch the $1.40 to $1.42 resistance zone. The ability of XRP to breach this crucial level could confirm stronger upward momentum.
However, if the current bullish sentiment fails to push the coin’s price up, it might retest the $1.30 support.
In the liquidation that occurred within the last 12 hours, long position traders also suffered a mild loss of $190,830.
Generally, the XRP’s space has some events that are also fueling upward momentum. Notably, at the XRP Tokyo 2026 conference, Ripple projected $33 trillion in on-chain stablecoin volume by the end of 2026. The projection sparked bullish sentiment among investors in the community.
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Institutional demand and industry events fuel XRP sentiment
Meanwhile, a recent report from CoinShares shows that institutional investors are favoring XRP.
In an inflow of $224 million in the crypto sector, XRP led the inflows with 53% of the total volume, or $$119.6 million.
In another development, XRP has flipped Bitcoin, Ethereum, Solana and Dogecoin in exchange-traded fund (ETF) flow. Within the last 48 hours, XRP ETF saw a net inflow of about $3.3 million, while Bitcoin and Ethereum ETFs saw outflows of $159 million and $64 million, respectively.
It is worth mentioning that XRP also recorded some losses as average wallets dropped to a new low last seen in 2022. The wallet count dropped by an average of -41% on their investments.
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