Ripple's native cryptocurrency, XRP, is in the spotlight, reaching price levels unseen in the last three years. The surge in trader interest and record futures market figures drive this success.
XRP's Price Surge
XRP's price has made a significant comeback this week, surging by over 95% to outperform Bitcoin and Dogecoin. Despite a minor dip, its momentum remains strong.
Record Futures Market Performance
According to Coinglass data, XRP futures open interest soared by 11% in the last 24 hours, reaching $2.12 billion. Traders bet big on volatility, with short bets accounting for 50.85%. Recently, over $17 million in long and short positions were liquidated, primarily from unexpected long positions, indicating a surprise for bearish traders.
Legal Challenges and Tech Upgrades
Regulatory clarity and upcoming tech upgrades are fueling XRP's rise. Recent optimism arose after 18 US states filed a lawsuit against the SEC, sparking high speculative interest among investors.
XRP's growth is fueled by a mix of factors, including legal developments and technological innovations. Consequently, interest in XRP continues to soar, providing fresh opportunities for the cryptocurrency.
