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XRP jumps 22% as short liquidations add demand near $1.26
Hyperliquid data cited by CryptoSlate shows short liquidations rising from about $607,000 at $1.28 to roughly $2.2 million at $1.38, while traders look for a sustained move through $1.40 to $1.50.
XRP rallied about 22% in 24 hours, trading near $1.26 and clearing the upside level from a July breakout framework that previously marked $1.18 as the breakout line, according to CryptoSlate. The move appears to shift the market question to higher chart levels after XRP pushed through the $1.26 shelf.
CryptoSlate attributes part of the momentum to forced short-buying, a process where leveraged shorts are closed during sharp rallies and traders must buy back XRP to exit. It points to fresh Hyperliquid positioning data showing cumulative short liquidations around $607,000 at $1.28, climbing to about $1.4 million at $1.32, and reaching roughly $2.2 million at $1.38.
The outlet also notes that funding stayed moderately positive at 0.0100% over eight hours, which it says is bullish but not the kind of crowded, euphoric reading that often precedes a sharp reversal. Traders have highlighted a larger structural resistance zone at $1.40 to $1.50 for months, with CryptoSlate adding that only a sustained move through it would turn the rally into something more than a short-covering bounce.
For downside levels, CryptoSlate cites a scenario where a pullback to $1.19 would expose about $525,000 of cumulative long liquidations on Hyperliquid, while a full reversal to $1.13, about 10.3% below spot, would increase that exposure to roughly $2.1 million. It also references Santiment data showing about 1.1% of circulating XRP supply moved on Aug. 17, without a corresponding spike in exchange volume, consistent with wallet-to-wallet transfers.
Latest closeXRP $1.335 ▼2.2%