XRP rose 13.6% over 24 hours to $1.39, extending a weekly gain of nearly 40% and outperforming both Bitcoin and Ethereum as broader crypto markets rallied on Thursday. Bitcoin climbed 7.2% to $77,393.67, while Ethereum gained 4.6% to $2,403.59, up 28.3% for the week.
The total crypto market capitalization reached approximately $2.68 trillion, with 24-hour trading volume of $163.7 billion. Other major tokens also advanced, with Solana up 5.2% to $91.55 and Hyperliquid up 5.9% to $76.45, both posting stronger weekly gains than Bitcoin over the same seven-day period.
Short Sellers Squeezed
The rally has been accompanied by heavy losses for traders betting against the market. Data showed short positions losing $3.787 billion over four days, compared with $687 million in losses for long positions over the same period. The largest single liquidation window came at 20:00 UTC on August 19, when $941 million in short positions were closed within four hours, marking one of the sharpest liquidation events on record for the crypto derivatives market.
Historical Precedent
Bitcoin’s advance has drawn comparisons to prior rare upside moves. According to data, Bitcoin has closed a trading day at a five-sigma move to the upside 14 times since 2013. Median returns following such events were 4.8% after one week, 11.8% after one month, 15.1% after three months, and 84% after six months, according to the same data set.
Outlook
Experts flagged important technical levels for Bitcoin going forward, including resistance near $80,000 and potential support around $72,000. Some market participants warned that a short-term pullback remains possible following the scale of the recent move, even as underlying momentum in the broader market remains positive heading into the weekend.
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