Bitcoin rises above $70,000 for the first time since June 2nd, triggering $2.7B in levered short liquidations.
Macro & Markets ·
XRP climbed to a monthly high of $1.14 before settling near $1.10, driven by a resurgence across major cryptocurrency assets. The move followed a period of subdued trading through July and August, with whale activity showing a 280% surge in transactions exceeding $1 million within a single day. Large holders controlling between 10 million and 100 million XRP accumulated roughly 72 million tokens in 24 hours, while over 240 million XRP tokens exited major exchanges between June and mid-August.
Open interest in XRP derivatives reached $2.7 billion, with 75% of positions oriented long. However, actual trading flow remained bearish, recording $375 million in short volume against $304 million in long volume over 24 hours. The XRP Ledger recorded nearly 50,000 active addresses within 24 hours, marking its highest activity in over two months.
Some analysts have drawn parallels to November 2024, when open interest expansion coincided with sustained price appreciation rather than the leverage liquidations that typically followed similar spikes in 2022–2024. Whether this rally sustains depends on XRP maintaining momentum while open interest remains elevated—a condition that remains unconfirmed after a single trading session.