XRP Nears $1.20 as $3.93 Million in Liquidations Signal Bears Are Losing Control XRP is once again attracting market attention as the cryptocurrency inches closer to reclaiming the crucial $1.20 psychological level. Following a sharp surge in bullish momentum, nearly $3.93 million worth of XRP positions were liquidated over the past 24 hours, with short sellers accounting for the lion's share of the losses. Data shows that approximately $2.54 million of the liquidations came from traders betting against XRP. As prices moved higher, many bearish positions were forced to close, adding fuel to the rally and sparking speculation that a broader short squeeze may be unfolding. According to CoinCodex, XRP is currently trading at $1.18 , up 3.30% in the last 24 hours. The top altcoin now sits just below the highly watched $1.20 resistance level, a price zone that many traders view as an important psychological barrier. A decisive break above that mark could trigger additional buying pressure and potentially force even more short positions out of the market. Where has the renewed optimism emanated from? Well, the latest XRP price jump appears to be closely linked to a major geopolitical development that has boosted investor confidence across global markets. Geopolitical Relief Sparks Crypto Rally as XRP Targets $1.20 With Shorts Getting Squeezed President Donald Trump has announced that an agreement with Iran has been finalized, declaring that “the deal with the Islamic Republic of Iran is now complete.” He further stated that he had authorized the reopening of the Strait of Hormuz and the removal of the U.S. naval blockade following the agreement. In a statement that quickly captured global attention, Trump added : “Ships of the World, start your engines. Let the oil flow!” Well, this announcement has significantly eased concerns surrounding one of the world's most critical energy transit routes. As a result, reduced geopolitical tensions in the region have improved risk sentiment, encouraging investors to move back into higher-risk assets such as cryptocurrencies. XRP has emerged as one of the biggest beneficiaries of this renewed optimism. As traders rotate capital back into digital assets, bearish bets are increasingly being squeezed out of the market, helping drive prices higher. Adding to the bullish narrative, institutional interest in XRP continues to strengthen. The U.S. Securities and Exchange Commission recently approved the listing of T. Rowe Price's Active Crypto ETF, which includes XRP alongside major digital assets such as Bitcoin, Ethereum, Solana, Cardano, and Dogecoin. With short sellers seeing dust and institutional adoption gaining momentum, all eyes are now on whether XRP can successfully reclaim $1.20 and turn the recent rally into a larger breakout.