XRP has generated excitement in the market with its price movement. This month, its value surged by 50%, surpassing a seven-year high of over $3. Over the past quarter, it has risen 240%, now ranking as the third-largest cryptocurrency, outranking Tether in market capitalization. What drives this explosive growth, and can it last?
The Fastest Rally Since 2018
XRP's current surge is not just significant—it's historic. This is the fastest price rally since January 2018, a time fondly remembered by crypto enthusiasts as the golden age of altcoins. One technical indicator, the 14-month Relative Strength Index (RSI), has reached a notable 84.80, the highest since December 2017, when it peaked at 94.57.
Market Trends and XRP’s Rising Popularity
Trading activity has soared. Spot trading volumes have surged by 84.72% to $22.85 billion in just 24 hours. Derivatives trading isn't lagging behind, with volumes more than doubling to $34 billion. Perpetual futures open interest? A record-breaking 2.34 billion XRP. Healthy funding rates, currently at 13%, suggest sustained market enthusiasm without the risk of overheating.
What to Expect Next
XRP's rise seems more than just market hype. Its reclaimed third place in the crypto rankings, surpassing even BlackRock in market cap, indicates a shift in market sentiment. Coupled with strong funding rates and strategic developments, XRP may have more room to grow. As XRP continues its winning streak, the focus is on whether this momentum can sustain or if a reality check is due.
The crypto world is closely watching XRP's achievements. The question is, can the current growth be maintained and prolonged? Either way, market shifts are certainly intriguing.
