XRP experienced a dramatic short squeeze, with a 5,999% imbalance between short and long positions, as reported by Bitjie. Within four hours, XRP traders faced $701,690 in liquidations, with short positions accounting for $690,370. This forced short sellers to buy back, pushing XRP's price to $2.45. Despite the liquidation peak, XRP's price settled at $2.44, marking a 0.55% decline for the day. Trading volume also fell by 23% to $4.07 billion. Analysts caution that such imbalances can lead to significant price increases, advising against high leverage in volatile markets.