Why Is XRP Going Up: What’s Fueling the Ripple Rally
Why Is XRP Going Up Today: What’s Next for XRP's Price Surge
XRP Price Soars 20% to $1.63, Highest Since Spring 2021
Ripple's XRP has experienced a significant price surge, climbing 20% over the last three days to reach $1.63—a level last seen in the spring of 2021. This marks a staggering 225% gain over the past month, highlighting strong bullish momentum.
XRP Bullish Action Continues
Currently ranked #6 among cryptocurrencies, XRP's price stands at $1.62, reflecting an 11.09% rise in the past 24 hours. Its market capitalization has grown by 11.3% to $92.7 billion, while the 24-hour trading volume reached $8.63 billion, a 21.99% increase. These metrics indicate heightened investor confidence and strong trading activity in the XRP market.
Ripple's Legal Win Boosts XRP
Ripple has secured a major victory in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). A U.S. court has approved Ripple's motion for a final judgment, signaling that the XRP lawsuit might be nearing its conclusion. This development has further bolstered XRP's recent rally.
Ripple Burns RLUSD Tokens—46.67 Million Removed From Circulation
In a significant move, Ripple has burned almost all its Ripple USD (RLUSD) tokens, permanently removing 46.67 million tokens from circulation in a single day. This drastic action has raised questions regarding the future of RLUSD and its broader impact on the Ripple blockchain.
Speculation Grows as SEC Chairman to Step Down
There is growing speculation that Ripple's legal tussle with the SEC could be approaching its end, especially with recent news that SEC Chairman Gary Gensler plans to step down in January next year. Known for his anti-crypto stance, Gensler's upcoming departure has been met with optimism among XRP supporters.
Tokenized Money Market Fund on XRP Ledger Launched
Ripple has partnered with ArchaX, the UK's RWA exchange, to launch a tokenized money market fund on the XRP Ledger. This new initiative provides tokenized access to a $3.8 billion U.S. Liquidity Fund, paving the way for large-scale institutional adoption of tokenized real-world assets (RWA).
Bitwise ETF Proposal and Its Potential Impact on XRP Price
Another factor possibly driving XRP's bullish performance is Bitwise Asset Management's recent proposal to the SEC for an ETF featuring ten major cryptocurrencies, including XRP. The ETF would allocate 1.5% to XRP, while Bitcoin holds the majority share at 75.1%. Similar ETF launches in the past have sparked price rallies for included cryptocurrencies, and the market eagerly awaits the SEC's decision.
XRP Open Interest and Liquidation Data
XRP's open interest currently stands at $2 billion, with perpetual contracts also at $2 billion and futures at $3.2 million. Open interest saw a 21.93% surge in the last 24 hours, with Bybit leading the way at $948.2 million, followed by Binance at $783.7 million and OKX at $170.7 million. Smaller contributions came from Kraken, BitMEX, Huobi, Bitfinex, and WOO X.
In the past 24 hours, XRP experienced $12.8 million in liquidations. Long liquidations totaled $3.6 million, while short liquidations reached $9.2 million, with perpetual contracts accounting for the bulk of these
What Lies Ahead for Ripple's XRP?
According to Coingabbar, XRP's breakout from a symmetrical triangle pattern earlier this month signals more potential upside, with predictions that the asset could rise as high as $18. Analyst Dark Defender, applying Elliott Wave Theory, suggests that XRP could reach $5.8 before the year ends, after which it might pull back to $4 before starting another bullish run. Dark Defender expects XRP to reach $18 by mid-2025.
