MarketPR
Bitcoin's rise to $84,702 on September 21 triggered the forced liquidation of approximately $300 million in short positions, driving a 6.4% single-day gain for XRP to $1.47.
This operational shift in market mechanics turned a broad rally into a specific squeeze for the asset, which had accumulated a crowded short book in the preceding days.
The catalyst began early in European trading when Bitcoin moved from approximately $82,000 to $84,702, its highest level since January 31.
As the price climbed, short positions on exchanges failed to maintain required margins, prompting platforms to buy back coins at market prices to cover those losses.
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