Recent data from Coinglass reveals a significant shift in the cryptocurrency landscape, particularly for XRP. As of December 17, the altcoin has surged approximately 14.7% within a 24-hour period, reaching a temporary high of $2.708. This upward momentum indicates a potential breakout, with analysts noting that a breach of the $3 resistance level could trigger a critical demand for XRP. Notably, this scenario could lead to the liquidation of short positions totaling around $272.3 million. If such a short squeeze occurs, it may further drive the price increases, generating significant trading activity among investors. As market dynamics continue to evolve, keeping an eye on XRP’s price movements will be essential for those seeking to capitalize on these fluctuations in the cryptocurrency market.
Source: https://en.coinotag.com/breakingnews/xrp-set-to-surge-3-breakpoint-could-trigger-272-3-million-in-short-liquidations/