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).
