The crypto market is back in the green after a rough start to the week. Bitcoin, Ethereum, and XRP have all moved higher in the last 24 hours. Bitcoin is up about 4%. Ethereum has gained around 7%. XRP has risen close to 5%.
These gains have pushed prices back to important levels. Traders now believe there could be more upside ahead. Many are watching $100,000 for Bitcoin, $3,500 for Ethereum, and $2.35 for XRP.
XRP has been one of the stronger performers. The token is trading near $2.15 after climbing 5% in a single day. The move comes as inflation data in the US showed signs of cooling.
Core inflation numbers released on Tuesday came in lower than expected. This surprised markets. It also strengthened the view that the Federal Reserve may cut interest rates again this year.
Lower inflation reduced pressure on bond yields. It also improved overall liquidity. That helped boost risk assets like cryptocurrencies. XRP and other major coins benefited from this shift.
The rally caused heavy losses in the futures market. Many traders were positioned for prices to fall. When prices moved higher instead, those positions were wiped out.
Data shows that nearly $688m worth of crypto positions were liquidated in the last 24 hours. Most of the damage was on the bearish side. Around $603m in short positions were closed forcefully.
Nearly 122,000 traders were affected. The largest single liquidation was an Ethereum trade worth $12.9m on Binance.
This shows how confident traders were that prices would fall before the inflation data. The sudden move higher caught many off guard.
With US producer inflation data due later today, traders believe the rally could continue. Bitcoin, Ethereum, and XRP may all push higher if the numbers support rate cut expectations.
XRP’s chart also looks stronger now. The price bounced from a key support near $2.07. This level has held well and acted as a base for the recent move up.
If buyers stay in control, XRP could move toward $2.35. That is the next major resistance level. A break above it could bring $2.50 into focus.
Momentum indicators support the bullish view. Buying strength is building. Sellers appear to be losing control for now.
Still, a pullback is possible. If the market cools down, XRP could slide back toward $2.07. That area remains an important support level.
For now, sentiment has improved. Traders are watching closely to see if this rebound turns into a stronger rally.
