XRP Rallies While Crypto Stocks Rise – Bitcoin Steady After Weekend Selloff
Synopsis
The weekend sell-off came after U.S. President Donald Trump levied fresh tariffs across Asia and Europe after the August 1 deadline.
Ripple’s native token (XRP) led gains among major cryptocurrencies while Bitcoin (BTC) held steady at around $114,000 in pre-market hours on Monday.
Bitcoin’s price edged 0.4% higher in the last 24 hours, while retail sentiment on Stocktwits remained in ‘bearish’ territory. Bitcoin’s current price is 6.9% below its all-time high of over $122,000, seen last month.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also recovered Monday morning after the weekend sell-off. Ethereum’s price gained more than 1.9% in the last 24 hours, trading above the $3,500 threshold. On Stocktwits, like Bitcoin, retail sentiment around the cryptocurrency remained in ‘bearish’ territory over the past day.
The weekend sell-off came after U.S. President Donald Trump levied fresh tariffs across Asia and Europe after the August 1 deadline to make trade deals expired.
XRP, however, led gains among altcoins, followed by meme token Dogecoin (DOGE). XRP’s price gained more than 4.2% in the last 24 hours, trading just under the $3 mark. Meanwhile, Dogecoin’s price gained 2% over the past day. Cardano (ADA) and Solana (SOL) were also marginally in the green during early morning trade.
As the market remained subdued, only $143.11 million worth of crypto was liquidated over the past day, according to Coinglass data. Most of the liquidations originated from short bets–traders who bet the price would fall, totaling around $102 million. Long liquidations were around $40 million. Ethereum experienced the largest liquidations of $40 million, followed by Bitcoin at $32 million.
Crypto-linked stocks were mostly in the green during pre-market trade on Monday, as the broader market also ticked upwards. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, gained nearly 2%. Bitcoin miner Riot Platforms (RIOT) stock rose 2.5% and shares of its peer, Mara Holdings (MARA), gained 1.35%. Crypto exchange Coinbase Global’s (COIN) shares also rose more than 2% in pre-market trade.
Read also: Tesla Approves 96M Shares Of Restricted Stock To CEO Elon Musk
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