According to Cointelegraph, analysts warn that Ripple's XRP token may be experiencing a 'leverage-driven' surge, reaching its highest price since 2021.
CryptoQuant analyst Maarten Regterschot pointed out that XRP's open contracts have significantly surged in the past 24 hours, warning that this sharp increase could lead to a rapid sell-off.
CoinGlass data shows that XRP's open contracts surged 30% in the past 24 hours, totaling $4 billion. The current price of XRP is $2.39, up 68% from last month.
XRP surpassed Solana and Tether (USDT) on December 1st, becoming the third largest cryptocurrency by market capitalization. Its price performance is strong, driven by new product developments from Ripple Labs and the potential XRP ETF.
