XRP, the native token of the XRP Ledger, achieved a remarkable milestone on July 17, 2025, as its price surged over 10% in 24 hours to reach $3.40, matching the all-time high it first set in January 2018. The rally propelled XRP's market capitalization above the $200 billion mark for the first time in years, briefly surpassing that threshold before settling back slightly. With this move, XRP solidified its status as the third-largest cryptocurrency by market cap, trailing only Bitcoin and Ethereum.
Impressive Year-to-Date and 12-Month Performance
XRP's year-to-date gains now exceed 60%, but the more staggering statistic is its performance over the past 12 months: a surge of over 430%. This sustained momentum highlights deep investor conviction and the asset's ability to attract capital in a competitive altcoin landscape. The rally has been driven by a combination of technical breakout, positive sentiment, and broader market tailwinds.
Broader Altcoin Rally
XRP's breakout was not an isolated event. Ethereum (ETH), BNB, Solana (SOL), and Dogecoin (DOGE) all posted notable 24-hour gains. Among the top 20 cryptocurrencies, only ADA and HBAR recorded 24-hour gains exceeding 5%, yet the majority of the top 20 saw double-digit increases over the past week. This suggests a sustained altcoin season, with capital rotating from Bitcoin to higher-beta assets.
Liquidation Data Exposes Short Squeeze
According to data from Coinglass, the rapid price increase of XRP triggered a significant wave of liquidations. In just one hour, total XRP liquidations reached approximately $6.93 million, with short positions accounting for over 99% of that amount — a clear indication that bears were caught off guard. The one-hour liquidation figure of $6.17 million for XRP even exceeded the liquidation volumes of ETH and BTC within the same time frame.
Zooming out to the 24-hour view, Ethereum recorded the highest total liquidations at approximately $168.21 million ($73.48 million long, $94.73 million short). Bitcoin followed with $61.57 million ($29.43 million long, $32.14 million short), while XRP saw $47.68 million in total liquidations ($15.35 million long, $32.33 million short). Notably, short liquidations were substantially larger than long liquidations for both ETH and XRP, while Bitcoin's figures were more balanced. This pattern suggests that market participants were heavily betting against the continued rally in altcoins, and many of those bets were abruptly unwound as prices surged.
Implications for Market Dynamics
The XRP surge has significant implications for the broader cryptocurrency market. First, it demonstrates that altcoins still have strong upside potential despite Bitcoin's dominance. Second, the liquidation data underscores the risk for short sellers, especially during rapid price moves. The fact that XRP's one-hour liquidations topped both ETH and BTC indicates a concentrated short squeeze specific to XRP.
XRP's open interest also spiked during the rally, indicating new money entering the market. Analysts note that if XRP can maintain its position above the $3.40 resistance, it could become a new support level, paving the way for a move toward $4.00 or higher. However, such breakouts often invite volatility and profit-taking, so traders should expect potential pullbacks.
XRP’s Journey from 2018 to 2025
The last time XRP traded at $3.40 was in January 2018, during the peak of the previous crypto bull run. After that, XRP entered a prolonged bear market that saw its price fall by over 90% from the peak. For years, the asset struggled to regain momentum, weighed down by regulatory uncertainties and market apathy. The turnaround began in late 2024, as XRP started to outperform, eventually breaking through key resistance levels. Now, in July 2025, it has finally reclaimed its all-time high — a testament to the resilience of the project and its community.
Conclusion
XRP's return to $3.40 is a historic moment for the cryptocurrency space. The rally highlights the strength of altcoins in the current market cycle and the potential for further gains. With strong fundamentals, a clear upward trend, and bullish market sentiment, XRP could continue to attract both retail and institutional interest. Nonetheless, investors should remain cautious and employ proper risk management, as the crypto market remains highly volatile.