XRP Surges Beyond $1.25 As $6M In Shorts Get Wiped: What's Going On?

Benzinga_recent_news06-16

XRP (CRYPTO: XRP) surged to $1.27 Monday, breaking decisively out of the June descending triangle as $6.07 million in short positions got liquidated in 24 hours. XRP pushed through $1.14, then $1.18, ...

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If XRP continues higher, it could squeeze a large group of retail traders holding short positions.\nUpbit, South Korea’s largest exchange, now accounts for 31% of XRP wallet-flow dominance as of June 14, up sharply from 13% just one week earlier. \nAsian demand is accelerating precisely as XRP ETF products extend their inflow streak, with cumulative net investment reaching roughly $1.4 billion since launch and last week alone drawing $10.68 million in fresh inflows.\nRipple CEO Brad Garlinghouse added a fundamental catalyst Monday, revealing Ripple expects to hit a $1 billion annualized revenue run rate by year-end 2026, excluding any XRP holdings contribution. \nThe statement positions Ripple as a fintech infrastructure company rather than one dependent on XRP price performance.\nA daily close above the 0.618 Fib at $1.2440 opens a path toward $1.2964, then $1.3633, and ultimately $1.5563 on the 1.618 extension. \nThe 50 EMA at $1.2849 sits as the first meaningful resistance above current price. Losing the 20 EMA at $1.2069 fades the breakout and retests $1.1702 then $1.0527.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2643784903","isCrawlerRequest":true}