TL;DR
- Donald Trump’s latest interaction with the crypto industry sent the entire market flying, but a select few altcoins, such as XRP, registered the biggest gains.
- This impacted short traders, as the value of the total liquidations is close to $500 million on a 4-hour scale, and XRP is responsible for a big share.
The impact that the US president has on the crypto market cannot be understated. After his landslide win in the elections in November, all crypto asset shot up, many to fresh all-time high, following his numerous favorable promises.
His questionable actions ever since he took office in regard to the Russia-Ukraine war and its trade war against several countries, brought excess pain for the crypto space, as the total market cap bled out over $800 billion within a week.
Ripple’s token has felt the consequences each time, with massive price increases and subsequent crashes. The past few hours solidified this narrative.
Trump confirmed on his social media the much-anticipated crypto reserve and said SOL, ADA, and XRP will be a part of it before adding BTC and ETH, which he ‘loves.’
The entire market turned green, but the initial trio stole the show with massive double-digit price pumps. XRP, for example, flew from $2.22 to just over $3 within minutes, thus rising by more than 35% in value.
Moreover, it has reclaimed its third spot in terms of market cap and is up by 45% since the Friday low of $1.95, even though it has retraced to $2.9 as of now.
Its explosive move north has left nearly $57 million in liquidations within a 4-hour window – only from short positions. At the same time, the total for the day stands at over $630 million, with shorts representing the lion’s share ($455 million).
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