XRP shorts totaling $2.9 million were liquidated amid a price surge of 5% following U.S. job data. The U.S. reported 143,000 new jobs, below expectations but with a lower unemployment rate of 4%. Analysts suggest the Fed is unlikely to cut rates soon, reflecting mixed economic signals.

Recent data from CoinGlass indicates that approximately $2.9 million in XRP shorts have been liquidated within the last hour as the token experienced a notable price increase of 5%. This surge comes as XRP steers the recovery in the broader cryptocurrency market, following favorable data regarding U.S. employment figures. Bitcoin is also witnessing upward movement, nearing the $100,000 threshold with a nearly 2% rise.

The cryptocurrency market is sensitive to financial reports, particularly those regarding employment. The U.S. economy has recently reported an addition of 143,000 jobs in the previous month, which was below expectations of 170,000. However, the unemployment rate has decreased to 4%, which is an improvement over projections. Analysts view these mixed signals as an indicator that the Federal Reserve may maintain current interest rates for the time being, prolonging its wait-and-see approach regarding monetary policy decisions.

The liquidation of XRP shorts amid a price surge highlights the dynamic nature of the cryptocurrency market. With job growth in the U.S. showing resilience despite lower-than-expected figures, market analysts predict that interest rates will remain steady for the time being, influencing trading behaviors. The overall recovery of XRP indicates potential optimism within the crypto space, especially as Bitcoin approaches significant price milestones.

Original Source: u.today

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