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The broader crypto ecosystem is soaring to new highs, with the combined market cap now at a record $3.4 billion. XRP joined this uptrend with its price crossing its three-year high as it soared above $1.42 overnight. This rally fueled a liquidation milestone, with long and short traders sharing the loss proportionally.
XRP liquidation and Gensler factor
The price of XRP forced its 24-hour liquidation to $27.54 million, according to data from CoinGlass. Long trader liquidation accounted for $13.23 million, while short traders saw a cumulative liquidation of $14.31.
The growth of XRP is explainable as investors felt liberated by Gary Gensler revealing the date he would depart from the chairmanship of the United States Securities and Exchange Commission (SEC). Having manned the Ripple v. SEC lawsuit for more than three years, many believed his departure might bode well for the coin.
For the better part of the lawsuit, the XRP price dropped as low as $0.3911 over the past year. An observable revival in the coin might be unusual for new buyers. However, XRP is still down by over 64% from its all-time high (ATH) of $3.84.
Altcoin surge
Over the past 24 hours, multiple altcoins also jumped to historic high levels. Solana (SOL) stood out as its price jumped to a new ATH of $263.70 amid a 56.90% rally over the past month.
The Solana price boom came after Bitwise applied to list a spot ETF tracking the coin. This move is complemented by the report that early Solana ETF applicants are making headway with the markets regulator.
Following this impressive run, CoinGlass pegged its liquidation figures at $19.26 million as traders took a cautionary approach to the coin. The broader market’s liquidation has crossed the $391 million threshold, with more than 116,900 traders impacted.