XRP posted a sharp 9.42% gain on July 23, trading near $2.33 as the crypto market entered a recovery phase. Market capitalization rose 9.55% to $141.71 billion, while 24-hour trading volume skyrocketed 125.35% to $7.59 billion, according to CoinMarketCap.
Short Liquidation of $250M Accelerates Price Move
BTC Markets analyst Rachael Lucas noted that XRP held above its 50-day moving average after breaking out of a falling wedge pattern, providing a technical catalyst. More critically, over $250 million in short positions were liquidated in a short window, forcing bears to cover and fueling upward volatility. Rising volume confirmed the strength behind the advance.
ETF Inflows Hit $46.1M Daily, Cumulative $1.23B
Institutional demand added a structural layer to the rally. Kronos Research CIO Vincent Liu observed that XRP pushed through key resistance levels on strong volume, attracting fresh inflows. Data from SoSoValue showed spot XRP ETFs recorded net inflows of $46.1 million on the session, the strongest daily total since Dec. 3. Total ETF trading volume reached $72.15 million, among the highest levels for XRP-linked products.
Since the first XRP ETF launched on Nov. 13, cumulative net inflows have reached $1.23 billion, reflecting sustained institutional interest. The Ripple-SEC settlement improved regulatory clarity, reinforcing XRP's positioning as a key asset for cross-border payments.
Broader Market Improves: Fear & Greed Index Reaches 29
The wider crypto market showed parallel recovery. Bitcoin gained 7.4% over seven days to $93,719, while Ether rose 9.3% to $3,225. The GMCI 30 index advanced 3.31% in 24 hours and climbed 12.33% over the past week. The Crypto Fear and Greed Index improved to 29 from 11 in mid-December, signaling a shift in sentiment.
XRP's rally highlighted how ETF flows, short liquidations and rising volume can align quickly. Market participants are watching whether momentum can sustain above current levels.