XRP Tops Altcoins As Crypto Markets Stabilize After $1.68 Billion Futures Liquidation

Ripple's native token XRP (XRP) outpaced top altcoins in Tuesday morning's rebound, alongside gains in Bitcoin (BTC) and Ethereum (ETH), even as Solana (SOL) and Binance's BNB token (BNB) stayed in negative territory.

The recovery comes after U.S. lawmakers called on Securities and Exchange Commission (SEC) Chair Paul Atkins to help speed up the implementation of President Donald Trump's executive order that would allow crypto investments in 401(k) retirement plans. 

Bitcoin's price hovered just below $113,000, rising 0.4% on the day while sentiment stayed in the 'neutral' zone. Ethereum's price rose 0.7% to about $4,188, though retail sentiment trended in 'bearish' territory.

Bitcoin's drop to $113,000 drove futures open interest down to $42.8 billion from $44.8 billion, according to Glassnode. The on-chain analysis firm called the drop in leverage a“healthy reset” that can stabilize derivatives markets and limit liquidation risk. Monday alone saw over $1.68 billion in crypto futures positions liquidated as prices sank.

In the past 24 hours, crypto futures have seen roughly $357 million in liquidations, Coinglass data showed. Long positions accounted for about $223 million, while shorts totaled approximately $134 million.

XRP's price traded around $2.86, up 2.2% over the past 24 hours, even as retail sentiment on Stocktwits slipped to 'bearish' from 'neutral' territory. Dogecoin's price followed with a 1.3% gain and held at 'neutral' sentiment over the past day. 

Meanwhile, Solana's price slipped 0.8% and BNB's price fell 2%, extending their declines even as the broader cryptocurrency market gained 0.2% over the last 24 hours.

Digital asset treasury (DAT) equities also rose in tandem with the cryptocurrency market in pre-market trading. The largest corporate holder of Bitcoin, Michael Saylor-backed Strategy (MSTR), rose around 0.56% and the largest publicly traded company with Ethereum on its balance sheet, Bitmine Immersive Technologies (BMNR), was up around 2%. 

Bitcoin miners like Marathon Holdings (MARA) and Riot Platforms (RIOT) were mixed. MARA's stock traded flat, while RIOT's stock edged 0.7% higher. Crypto exchange Coinbase (COIN) rose 0.5%.

Read also: Dow Futures Gain Ahead Of Jerome Powell's Speech: BA, HOLO, BETR, CLSK Among Stocks To Watch

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