XRP surged more than 10% on July 17, reclaiming its all-time high of $3.40 set in 2018 and briefly pushing its market capitalization above $200 billion for the first time in years. This milestone cements XRP's position as the third-largest cryptocurrency by market cap and underscores the broader altcoin resurgence.
XRP Leads the Altcoin Rally
According to market data, XRP's surge lifted its year-to-date (YTD) gains above 60%, while the asset's 12-month performance now exceeds an astonishing 430%. This sustained momentum highlights robust investor confidence. Other major altcoins also posted significant gains. Ethereum (ETH), BNB, Solana (SOL), and Dogecoin (DOGE) all recorded solid 24-hour increases. As of 2:30 p.m. EST on July 17, ADA and HBAR were the only other top-20 digital assets with 24-hour gains surpassing 5%. Over the past seven days, the vast majority of top-20 cryptocurrencies have experienced double-digit gains, signaling a broad-based recovery in the altcoin market.
Liquidation Data: Shorts Squeezed Hard
XRP's surge triggered a wave of liquidations. Coinglass data shows that hourly total liquidations reached approximately $6.93 million, with short positions accounting for over 99% of the total. XRP's one-hour liquidations of $6.17 million exceeded both ETH and BTC liquidations during the same period. Over 24 hours, however, ETH recorded the highest total liquidations at approximately $168.21 million ($73.48 million long and $94.73 million short). BTC followed with about $61.57 million ($29.43 million long, $32.14 million short). XRP's 24-hour total stood at $47.68 million ($15.35 million long, $32.33 million short). Notably, short liquidations far outpaced long liquidations for both ETH and XRP, while BTC's liquidations were more balanced.
The rally reflects a combination of favorable regulatory developments, increased institutional adoption, and positive market sentiment. Despite the sharp gains, analysts believe XRP's strong fundamentals could support further upside.