XRP soared more than 10% within 24 hours on July 17, reaching an all-time high of $3.40 — matching its 2018 peak — and briefly driving its market capitalization above $200 billion, according to data from CoinMarketCap. The move cemented XRP’s position as the third-largest cryptocurrency by market cap, trailing only Bitcoin and Ethereum.
Altcoin Rally Broadens
XRP’s year-to-date gains now exceed 60%, but its performance over the past 12 months is even more staggering: a 430% surge. The rally was part of a broader altcoin upswing, with Ethereum (ETH), BNB, Solana (SOL), and Dogecoin (DOGE) also posting significant gains. Among the top 20 digital assets, only ADA and HBAR logged 24-hour gains surpassing 5% as of 2:30 p.m. EST on July 17. However, a majority of top coins recorded double-digit gains over a seven-day span, signaling a sustained recovery in the altcoin market.
Liquidation Data Reveals Bearish Pain
XRP’s sharp upward move triggered a wave of liquidations. According to Coinglass, XRP saw approximately $6.93 million in liquidations within a single hour, with shorts accounting for over 99% of that total. Notably, XRP’s one-hour liquidation volume of $6.17 million eclipsed both Ethereum and Bitcoin during the same period. Over 24 hours, Ethereum led with $168.21 million in total liquidations ($73.48 million longs, $94.73 million shorts), followed by Bitcoin with $61.57 million ($29.43 million longs, $32.14 million shorts), and XRP with $47.68 million ($15.35 million longs, $32.33 million shorts). For both ETH and XRP, short liquidations heavily outweighed longs, underscoring the market’s bearish positioning that was caught off guard by the rally.
Analysts attribute XRP’s strength to optimism surrounding Ripple’s legal battle with the SEC, growing institutional adoption, and a bullish technical breakout. As XRP retests its all-time high, traders are watching closely to see if the asset can sustain above $3.40 and rally further. The current momentum remains strong, but volatility is expected to remain high.