Today, November 16, XRP attained a key benchmark after reaching $1, marking a significant moment for the cryptocurrency and its community. This marks the first time it reached $1 since November 2021.
XRP on Bullish Run
XRP’s derivatives market showed significant growth, with open interest rising by 10.44% to $1.56 billion. This increase signals a rising speculative appetite among traders and suggests that institutional players may be entering the market. Prominent crypto analyst Ali Martinez highlighted substantial whale activity, revealing that over 320 million XRP tokens were acquired within 72 hours.
Catalysts Driving Price Surge
One of the catalysts for XRP’s current rally is its listing on Robinhood. Data from CryptoQuant shows declining exchange reserves, indicating a growing trend of long-term holding among investors. Ripple Labs continues to make headway in its legal battle with the SEC, bolstering confidence in XRP's regulatory status. Ripple is also developing a dirham-backed stablecoin, further enhancing its position.
Ripple CEO’s Remarks Boost Market Sentiment
Bitwise Asset Management announced plans to convert its fund into an ETF with exposure to XRP. Ripple CEO Brad Garlinghouse addressed these developments, fostering positive sentiment. With its price crossing the $1 threshold, XRP shows potential for continued growth.
At the time of press, XRP is trading at $1.15, with a relatively 30% increase in the last 24 hours and a 108% surge in the last 7 days, owing to favorable legal outcomes, expanding use cases, and rising institutional interest.
