XRP Price Surges 50% to Seven-Year Highs Amid Record Derivatives Activity
XRP has experienced a significant price surge, rising 50% to over $3 this month, marking a 240% increase in the past quarter. Key points include:
- Market capitalization reached $176.75 billion, positioning XRP as the third-largest cryptocurrency.
- The relative strength index (RSI) for XRP is at 92, the highest since October 2017, indicating strong momentum.
- Spot trading volumes have tripled to over $23 billion in 24 hours; derivatives volumes exceed $34 billion.
- Perpetual futures open interest hit a record 2.34 billion XRP, with funding rates around 13%, indicating a stable market environment.
- Factors driving growth include new partnerships, the launch of Ripple's stablecoin RLUSD, and speculation about a potential spot XRP ETF.
- The broader crypto market is rebounding, with Bitcoin surpassing $100,000 amid reduced U.S. inflation concerns.
This combination of XRP-specific developments and favorable market conditions supports ongoing bullish trends.