XRP is making headlines as it witnesses a significant surge, marking its most considerable growth since 2018. After facing legal hurdles that stunted its progress during the bull market of 2020-2021, XRP has recently ascended beyond the $3 mark, achieving a remarkable 50% increase within the month. Notably, the cryptocurrency has soared 240% in the last quarter and an additional 30% in the past week, now boasting a market capitalization of $176.75 billion and overtaking Tether (USDT) to claim the title of the third-largest cryptocurrency.
How Does the RSI Indicator Reflect XRP’s Ascent?
The impressive performance of XRP is mirrored in the Relative Strength Index (RSI), which has reached a notable level of 92, the highest since October 2017. This indicator illustrates the rapid pace of price changes, affirming the current bullish trend in the market.
What Drives the Surge in Trading Volume?
The surge in XRP interest is not limited to spot markets; derivative trading volumes have also reached all-time highs. Recent data indicates that XRP’s spot trading volume has hit $23 billion within 24 hours, while derivative market activity has more than doubled to $34 billion, highlighting a robust trading environment.
- XRP’s perpetual contracts have seen open positions reaching 2.34 billion XRP.
- Funding rates for leveraged positions are around 13%, indicating a healthier market compared to previous inflated rates.
- The launch of Ripple‘s stablecoin RLUSD and speculation about a potential XRP spot ETF are key factors in this growth.
Further boosting XRP’s momentum are Bitcoin‘s resurgence above $100,000 and favorable U.S. inflation data. The combination of these elements marks a significant uptrend for XRP, signaling a potential shift in cryptocurrency dynamics.
