XRP has surged to $2.39, claiming the third spot in cryptocurrency rankings with a $134 billion market cap, amid increased trading activity and growing institutional interest.
TLDR
XRP surged past $2.39, reaching levels not seen since 2018, marking a 68% increase in the last month
Open interest in XRP increased by 37% in 24 hours, reaching $4 billion across major exchanges
XRP has surpassed both Solana and Tether to become the third-largest cryptocurrency by market capitalization
Trump’s presidential election victory and potential regulatory changes have fueled optimism in the market
ETF provider 21Shares filed for an XRP ETF, adding to positive market sentiment
$XRP The cryptocurrency market witnessed a major shift as XRP surged past $2.39, reaching levels not seen since 2018. The digital asset has shown remarkable growth, posting a 68% increase over the last month and an impressive 370% gain over the past year.
The recent price movement has propelled XRP past both Solana and Tether in market capitalization, securing its position as the third-largest cryptocurrency. With a current market cap of $134 billion, XRP has demonstrated strong momentum in the December rally.
Trading activity has intensified substantially, with open interest in XRP increasing by 37% in just 24 hours. Major exchanges and trading platforms reported a combined open interest of $4 billion, indicating growing trader participation in the market.
The surge in price and trading volume comes in the wake of Donald Trump’s presidential election victory on November 5, which has sparked renewed optimism in the cryptocurrency sector. While other major cryptocurrencies have also shown positive movement, XRP has notably outperformed its peers.
Market data from CoinGlass confirms the surge in trading activity, with derivatives positions showing substantial growth. The increase in open interest suggests traders are taking larger positions in XRP, contributing to the price momentum.
Analyst Maarten Regterschot noted the rapid increase in open interest, cautioning traders about potential market volatility. Historical data suggests that similar spikes in open interest have preceded price corrections, with previous instances resulting in drawdowns of up to 17%.
The rally has coincided with several positive developments in the XRP ecosystem. Ripple Labs has announced new partnerships and product developments, enhancing the utility and adoption of the XRP network.
Adding to the positive sentiment, asset manager 21Shares filed for an XRP ETF on November 1, 2024. The filing has raised expectations among investors about potential regulatory approval under new SEC leadership starting January 2025.
The price movement has been particularly notable in recent weeks, with XRP gaining nearly 70% in the last seven days alone. Trading data from major exchanges shows consistent buying pressure across spot and derivatives markets.
The surge has placed XRP at its highest valuation since January 2018, though it remains about 41% below its all-time high of $3.40. The current price level represents a key psychological barrier for traders and investors.
Technical indicators suggest strong buying momentum, with trading volumes supporting the price action. The asset has maintained its upward trajectory despite broader market fluctuations.
Market participants have noted increased institutional interest in XRP, particularly following regulatory developments and the growing possibility of new investment products. The potential for an XRP ETF has attracted attention from traditional finance sectors.
The trading pattern shows sustained buying pressure across major exchanges, with spot markets leading the price discovery. Daily trading volumes have remained elevated, indicating broad market participation.
Price data from TradingView confirms the upward trend, with XRP maintaining support levels despite periodic profit-taking. The asset has shown resilience at key price points during its ascent.
CoinGlass data reveals increased futures market activity, with funding rates remaining positive across major platforms. This suggests traders are maintaining bullish positions despite the rapid price appreciation.
