A Bitcoin short squeeze carried XRP to $1.29 while its funds sat out

XRP surged around 30% last week to trade at about $1.29, its best run in months.

The token jumped as the exchange-traded fund inflows that had supported earlier gains dried up.

Wednesday did the heavy lifting

XRP surged 10.40% on Wednesday, its biggest one-day gain since February 6, before adding a second leg Thursday that pushed the weekly candle toward $1.32.

The level is just under the token’s 200-day average price, the closest XRP has traded to that line since the beginning of the year.

The rally lifted XRP off a floor of $0.9862, which it touched the week before. This is the same zone the token hovered in just before its post-election surge in November 2024, which took it to an all-time high close to $3.65.

The Relative Strength Index on the daily chart hit 79.2. The RSI has a scale of 0 to 100, with readings near 80 indicating an asset is heavily overbought.

Bitcoin, which surged above $72,000 on Thursday, its highest level since May, was the catalyst.

On Wednesday, shorts on Bitcoin were liquidated for $2.75 billion in crypto’s biggest-ever short-liquidation event, CoinGlass data shows. The 24-hour figure ran to $3 billion across the market.

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