XRP Shorts Getting Wiped out Amid Sudden Price Surge
2025-02-07
Category: None

According to data provided by crypto analytics platform CoinGlass, roughly $2.9 million worth of XRP shorts has been liquidated over the past hour. 
The price of the Ripple-affiliated token has spiked by 5% over the aforementioned time frame.
XRP is leading the broader cryptocurrency market recovery following the release of the recent U.S. jobs data. Bitcoin, the leading cryptocurrency, is also nearing the $100,000 level once again after spiking by close to 2%. 
The U.S. economy added 143,000 jobs last month, which is far lower than analysts' expectations of roughly 170,000. At the same time, the unemployment rate turned out to be lower than expected (4% instead of the projected 4.1%).
The report is rather mixed, and analysts believe that the Fed will refrain from cutting rates for at least one more meeting. 
"The employment report was very solid with job growth continuing to rise at a healthy rate, participation rate holding up and rising, and wage growth above 4%. Unemployment and underemployment rates holding at low levels. No reason for the Fed to cut any time soon," Kathy Jones of Charles Schwab said. 