[DigitalToday reporter Yoonseo Lee (이윤서)] XRP showed a weekend rebound, and most liquidations over the past 12 hours were concentrated in short positions.

On June 15 (local time), blockchain outlet The Crypto Basic reported that in the XRP market, $2.5 million of $2.68 million in liquidations over the past 12 hours came from short positions, accounting for 94.7 percent.

The skew in liquidations came as the broader cryptocurrency market showed a recovery trend against a backdrop of a peace agreement between the United States and Iran. XRP rose about 5 percent over the weekend to as high as $1.1872 before briefly pulling back, and losses for investors betting on a decline grew quickly in the process.

By CoinGlass tallies, total XRP liquidations over the past 24 hours were $3.7 million. Of that, short-position liquidations were $2.54 million, or 68.6 percent. In the 12-hour window, liquidations were almost entirely concentrated in bearish bets.

The heaviest wave of liquidations came between 2200 and 2300 on June 14. During that period, the XRP chart showed a series of consecutive 30-minute bullish candles. From 2000 to 2330 on June 14, XRP posted eight consecutive bullish candles, and the price jumped 4.82 percent from $1.1327 to $1.1873. It later met resistance and moved sideways around $1.18.

Market participants had been watching the area around $1.20. On the CoinGlass liquidation heatmap, a large cluster of short positions was stacked above the price, and about $280 million was piled up around $1.199. With XRP now rising to around $1.23 and moving past that zone, the possibility has been raised that some short covering may have added upward pressure on prices.

That is also behind expectations for a short squeeze. A short squeeze refers to a phenomenon in which investors who bet on a decline buy the asset back to reduce losses, further increasing upward pressure. With short positions concentrated above the price and XRP breaking through $1.20, some see the potential for additional short-term buying to flow in.

Still, a break above $1.20 does not immediately mean a trend reversal. XRP is trading around $1.23 and showing a short-term rebound, but for gains to continue it needs to firm the breached $1.20 level as support. In the latest short-term stretch, long-position liquidations have also appeared, leaving the possibility of higher volatility.

As a result, the XRP market has entered a phase of checking whether it can maintain upward momentum after breaking $1.20. If additional buying emerges and the price settles above the current level, expectations for a short squeeze could persist, but if it falls back below $1.20, the rebound may remain limited to a short-term liquidation move, the analysis said.