The cryptocurrency market started the year on a bullish note. Several assets witnessed a notable surge over the past day. But Ripple’s XRP, in particular, stood out. The altcoin managed to climb up the cryptocurrency ladder after it recorded a double-digit rise. But the real challenge is if XRP can continue this trend and reclaim its all-time high over the next couple of days.
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XRP’s Meteoric Price Rise
Ripple’s XRP surged by a staggering 13.36% over the past 24 hours. During the time of writing, the asset was trading at $2.38. Earlier today, the altcoin surged to a high of $2.44 all the way from a low of $2.09. The asset is currently 37.59% below its all-time high of $3.84. This peak was achieved by XRP about seven years ago, in 2018.
In addition, the market cap of the asset also spiked. XRP is presently the third-largest cryptocurrency after taking over Tether (USDT). The asset’s market cap is $137.14 billion.
According to statistics from CoinGlass, XRP shorts totaling more than $11 million were liquidated in a single day. The top exchanges in terms of the quantity of liquidated cryptocurrency are OKX, Binance, and CoinEx. Almost 80% of the wipeout is caused by short positions.
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A Bigger Spike Incoming?
According to data from CoinCodex, the next couple of days will be confusing for the altcoin. Ripple’s XRP will surge to a high of $2.49 on January 4. But will record a setback on January 5. The firm revealed that the altcoin will be priced at $2.28 during this period. While this might seem bearish, the asset could witness recovery sooner rather than later as Donald Trump is set to take office later this month.
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