XRP staged a stunning rally on July 17, surging more than 10% in 24 hours to hit $3.40 — matching its all-time high first set in 2018 — and briefly pushing its market capitalization above the $200 billion mark for the first time in years. The move solidified XRP's position as the third-largest cryptocurrency by market cap and marked a major milestone for the digital asset, which has been on a remarkable tear over the past year.
Altcoin Rally Broadens
XRP's surge was part of a broader altcoin rally. Ethereum (ETH), BNB, Solana (SOL), and Dogecoin (DOGE) all posted significant 24-hour gains. However, XRP led the pack with a double-digit percentage jump. The asset's year-to-date gain now exceeds 60%, while its 12-month return stands at an extraordinary 430%+, underscoring sustained momentum and investor confidence.
Short Sellers Hammered: $7M Liquidated in One Hour
The rally triggered a wave of liquidations, according to data from Coinglass. In a single hour on July 17, XRP saw approximately $6.93 million in total liquidations, with short positions accounting for over 99% of that amount — $6.17 million. This hourly figure exceeded both Bitcoin and Ethereum's hourly liquidation volumes during the same period.
Over 24 hours, Ethereum recorded the highest total liquidations at roughly $168.21 million ($73.48 million long, $94.73 million short). Bitcoin followed with about $61.57 million ($29.43 million long, $32.14 million short). XRP clocked in at $47.68 million ($15.35 million long, $32.33 million short). Notably, for both ETH and XRP, short liquidations far outweighed long liquidations, while Bitcoin's liquidations were more balanced.
Market Signals: Altcoin Season in Full Swing
XRP's reclaim of its all-time high, combined with strong performances from ETH, BNB, SOL, and others, is being interpreted as a clear signal that the altcoin season is underway. Among the top 20 cryptocurrencies, ADA and HBAR also posted daily gains above 5%, while a majority of the top 20 recorded double-digit gains over the past seven days. This suggests capital is rotating out of Bitcoin and into altcoins, reflecting a positive shift in market sentiment.