🚀 XRP Rockets Past $3.3 – Triggers $40M Liquidation Bloodbath

XRP just pulled a moonshot while traders got wrecked. Here’s the carnage.

The pump no one saw coming

Ripple’s token blasted through resistance like it was tissue paper—$3.3 now in the rearview. Exchanges reported liquidations worth over $40 million as leveraged positions got vaporized. Classic crypto: one person’s Lambo dream is another’s margin call nightmare.

Short sellers? Toasted.

The rally left bears scrambling. Futures markets flipped into a ‘buy panic’ as stop-losses triggered cascading buys. Meanwhile, the ‘hold the line’ crowd on social media suddenly remembers how to spell ‘profit-taking.’

Bankers watching from the sidelines: *adjusts tie* ‘Volatility? How… primitive.’

As the immortal Metallica song goes – ‘So close, no matter how far.’ XRP is just in reach of a new all-time high, more than seven years after it set a record at $3.4.

The asset has jumped by roughly 50% since last week when it broke out of its consolidation phase, and has skyrocketed by 75% since the late June low of $1.9.

CryptoPotato asked ChatGPT about the cryptocurrency’s chances to go into uncharted territory in July since it failed to do so in January this year when it matched the 2018 record. The AI chatbot outlined why the $3.4 resistance could be harder to penetrate than most people expect, but also laid out several bullish factors that could propel another rally.

Since then, XRP has increased by a few more cents and jumped to a new six-month peak of $3.34 (on Bitstamp) minutes ago. Thus, it was less than 2% away from a new all-time high.

Although it has retraced slightly since then, it’s still above $3.3 as of press time. Its volatile ride has liquidated thousands of speculative traders with both shorts and longs. However, short positions dominate, with over $29 million such liquidations out of the total $44.32 million.

XRP still trails BTC and especially ETH in terms of daily liquidations, as the second-largest cryptocurrency flew to a multi-month high of its own at almost $3,500.