XRP climbed 13.6% in 24 hours to $1.39, outpacing Bitcoin and Ethereum as a broader crypto rally accelerated. The move came alongside a heavy squeeze on short sellers and fresh momentum in Washington, where the Senate has set a Sept. 15 cloture vote on the Clarity Act. Coinbase CEO Brian Armstrong said he expects the bill to pass.
XRP climbed 13.6% over 24 hours to $1.39, outperforming both Bitcoin and Ethereum. It extended a weekly gain of nearly 40%. Bitcoin rose 7.2% to $77,393.67. Ethereum gained 4.6% to $2,403.59, up 28.3% for the week.
Short sellers take the brunt of the rally
The rally handed traders betting against the market a swift short squeeze. Short positions lost $3.787 billion over four days, compared with $687 million in losses for long positions over the same period.
The heaviest window came at 20:00 UTC on Aug. 19, when $941 million in short positions closed within four hours, one of the sharpest liquidation events on record in crypto derivatives. Solana rose 5.2% to $91.55, a stronger weekly gain than Bitcoin's over the same seven-day period.
Senate sets a date for the Clarity Act
News about the Clarity Act vote is likely responsible for the rally's timing. After the Senate failed to hold a vote before its August recess, a cloture vote on the Clarity Act will move forward on Sept. 15, the day after senators return from recess. That cloture vote needs 60 votes to end debate, the same threshold required to pass the bill itself.
Coinbase CEO Brian Armstrong said he expects the legislation to clear that bar. According to the Motley Fool: "I'm pretty optimistic it will get over 60 votes", Armstrong said, adding that Senate Majority Leader John Thune would not have scheduled the vote if he doubted its chances.
Odds on Kalshi are less optimistic, with 22% of bettors expecting the bill to clear 60 votes. The measure needs seven Democratic votes on top of the 53 Republicans already counted.
Past rallies point to both sides
Bitcoin's advance has drawn comparisons to past sharp moves. Bitcoin has closed a trading day at a five-sigma move to the upside 14 times since 2013, with median returns of 4.8% after one week and 84% after six months. Some market participants flagged resistance for Bitcoin near $80,000 and support around $72,000, warning a short-term pullback remains possible even as momentum stays positive heading into the weekend.
Sources: Coinpedia Fintech News, Motley Fool
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