What short squeeze? Here’s what is really behind XRP’s recent 170% rally
These key metrics show there's more to the recent Dogecoin and XRP pumps than just short-seller liquidations. Between Jan. 30 and the early hours of Feb. 1, XRP price pumped 147%, reaching $0.76 which is its highest level in two months. The move seems to have been fueled by r/Satoshistreetbets, an off-shoot of r/Wallstreetbets.It seems that speculative social media group-based investing is becoming a trend so let’s take a look at what triggers might have catalyzed the recent surge in XRP price.XRP Twitter activity vs. Price. Source: TheTieData from TheTie, an alternative data provider....
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XRP price rose 40% in a single day as liquidations across futures exchanges topped $73.5 million. XRP price spiked by 40% in the past 24 hours, recording a 52% gain at the day’s peak. Behind the surprising rally was a big short squeeze that caused massive volatility within hours.It is evident that the upsurge was driven by a short squeeze across futures exchanges because of the speed of the rally.XRP/USD hourly candle chart (Coinbase). Source: TradingView.comIt took XRP around four hours to surge from $0.2536 to as high as $0.3120. Since then, it has pulled back to around $0.3550 on major....
This third edition of Cycling On-Chain takes a closer look at bitcoin’s ongoing supply squeeze and recent short squeeze.
The price of Bitcoin surpassed its all-time high and surged above $24,600 as traders analyze what will come next. The price of Bitcoin surpassed its all-time high on Christmas, reaching $24,681 on Binance. Following BTC’s strong rally, traders and analysts are exploring short-term bear and bull cases. The market sentiment around Bitcoin remains overwhelmingly positive, but there are some concerns put forth by analysts in the foreseeable future and as a result, the next move is not a clear-cut one.The funding rate of Bitcoin futuresBitcoin (BTC) has rallied above $24,600 with a relatively....
Data and traders reveal the source of XRP's recent price rally could be Asia.
Here’s what traders expect after Bitcoin’s surge above $23,600 triggered a $138 million squeeze on short contracts and led BTC price to $24,200. The price of Bitcoin (BTC) surpassed $24,000 on Dec. 19, reaching a new all-time high. On Coinbase, BTC peaked at $24,200 and has since consolidated into the $23,500 to $23,800 range.Three factors pushed the price of BTC upwards within a short period, leading it to a record-high. The factors are a large short squeeze, stacked sell orders at $23,600, and the market’s reaction to the U.S. Treasury’s self-custodied wallet rule proposal.A massive....