XRP suddenly rose 10%, this could be the key reason

XRP suddenly rose 10%, this could be the key reason
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XRP, the fifth-largest cryptocurrency by market value, rose as much as 10%, extending a gain that began the previous day.

After trading steady around $0.50 the previous day, XRP skyrocketed as high as $0.545 in the space of an hour in today’s trading.

According to CoinGlass statistics, the price surge wiped out around $2.62 million in short bets in one hour.

Even more, traders who were positioned for price declines lost $3.63 million in liquidations in the last 24 hours. This was the largest number of short liquidations since September began.

TradingView
XRP/USD daily chart, courtesy: TradingView

That said, the bullish move could be the result of a short squeeze – a rally fueled by a liquidation of short positions.

XRP is up 9% in the last 24 hours to $0.50 at the time of writing, having risen almost 7% in the last hour alone.

Expectations around the price of XRP arise as the daily moving averages have already converged and are expected to cross in a day or two.

A death cross occurs when the 50 daily moving average (MA) falls below the 200 daily moving average (MA). If the 200 moving average (MA) falls below the 50 moving average (MA), a golden cross can form. Therefore, the nature of the crossing could be a key element to take into account.

XRP’s sudden price surge could also have been sparked by expectations regarding an announcement at Ripple’s “Proper Party” today.

The Ripple victory party is taking place today, September 29, in New York, and the XRP community, while excited to join in the joy, is also eager for potential announcements at the party.

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