NewsMV
XRP (CRYPTO:XRP) has reclaimed the $1.50 threshold, trading at $1.51 after a 7.6% jump in 24 hours, driven by a surge in Bitcoin (CRYPTO:BTC) past $85,000.
This broader market movement triggered approximately $300 million in short position liquidations, forcing exchanges to buy back the asset and propelling XRP higher.
The rally represents a recovery from the 8% drop seen on September 15, when the Senate blocked the CLARITY Act, and returns the price to levels last seen before that vote.
The price action is largely attributed to an overcrowded short position that built up over the previous week.
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