Hold onto your hats, folks! XRP is making waves again despite still being over 26% down from its January 2018 peak of $3.4. But guess what? It's now shining in the spotlight as the third largest cryptocurrency by market cap, knocking heavyweights like Tether (USDT) and the so-called “Ethereum Killer” Solana (SOL) off their perch. With a market cap soaring past $135 billion, XRP is now rubbing shoulders with the big bosses, Bitcoin (BTC) and Ethereum (ETH).
In the past week alone, XRP has shot up nearly 70%, flirting with the $2.5 mark—a number we haven't seen in almost seven years! What's fueling this rocket, you ask? A cocktail of political drama, regulatory whispers, and good old market speculation. The recent election of Donald Trump as the 47th President of the United States has sent shockwaves through the crypto world, with Bitcoin flirting with the $100,000 threshold and Ethereum enjoying its own ride up the charts.
XRP had been warming the bench earlier this November, but things heated up when whispers started about Ripple's RLUSD stablecoin potentially getting the green light from the New York Department of Financial Services (NYDFS). Keep your eyes peeled for a possible December 4th launch date!
And that's not all—there's a buzz about Ripple's ongoing legal skirmish with the SEC possibly coming to an end. This speculation, coupled with SEC Chair Gary Gensler's resignation, has traders feeling bullish and hopeful about a friendlier regulatory environment under Trump’s administration.
Meanwhile, big players like Bitwise and Canary Capital are lining up for the SEC’s nod to roll out ETFs focused on XRP. This is like setting the stage for a blockbuster show!
Adding to the excitement, CryptoQuant analyst Maarten Regterschot points out that XRP is currently riding a wave of leverage-driven price action, with Open Interest (OI) soaring by 37%. While this leverage could lead to some wild price swings, it’s also a sign that traders are eagerly gearing up for action. But a word to the wise: past patterns show this could precede a dip, so keep those risk management strategies in check!
As of now, XRP’s open interest has climbed to a whopping $4.23 billion across major trading platforms. So, buckle up and stay tuned—XRP’s rollercoaster ride is far from over!
