The broader crypto ecosystem is soaring to new highs, with a combined market capitalization now at a record $3.4 billion. XRP joined this uptrend and its price surpassed a three-year high, rising above $1.42 overnight. This rally led to a liquidation milestone, with long and short traders sharing the loss proportionately.

XRP liquidation and Gensler factor

The price of XRP forced the 24-hour liquidation to reach $27.54 million, according to data from CoinGlass. Long traders’ liquidation accounted for $13.23 million, while short traders saw a cumulative liquidation of $14.31.

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XRP’s growth is explainable because investors felt liberated when Gary Gensler revealed the date he would leave as chairman of the US Securities and Exchange Commission (SEC). After more than three years of manning the Ripple v. SEC lawsuit, many believed his departure could bode well for the coin.

Throughout most of the lawsuit, the XRP price fell to $0.3911 over the past year. A noticeable upswing in the currency may be unusual for first-time buyers. However, XRP is still more than 64% lower than its all-time high (ATH) of $3.84.

Altcoin rise

Several altcoins have also jumped to historically high levels in the past 24 hours. Solana (SOL) stood out as its price rose to a new ATH of $263.70 during a 56.90% rally over the past month.

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Solana’s price increase came after Bitwise filed to launch a spot ETF that tracks the coin. This move is complemented by the report that early Solana ETF applicants are making progress with the market regulator.

After this impressive run, CoinGlass set its liquidation numbers at $19.26 million as traders moved cautiously with the coin. The broader market liquidation has crossed the $391 million threshold, affecting more than 116,900 traders.