XRP recorded a new all-time high above $3.66, attributed to rising investor confidence and regulatory breakthroughs in the U.S.
Sharp Price Surge of XRP
XRP soared to a new record high of $3.66 on Friday, July 18, during the early North American trading session, marking a sharp intraday rally of 7.82 percent. This surge was accompanied by increased investor confidence and heightened market activity.
Reaction to Genius Act Approval
The price spike of XRP closely followed the U.S. Congress's approval of the Stablecoin Innovation and National Uniform Standards (Genius) Act. The bill is expected to be sent to the president for signature. This event is seen as pivotal for Ripple, as it will aid in establishing Ripple USD (RLUSD) and expanding its operations in the U.S.
Derivatives Market Data
Futures market activity around XRP has surged alongside price movements. According to Coinglass, XRP's Open Interest has recently crossed $10 billion, indicating an influx of speculative capital. Positive funding rates on XRP reflect trader confidence in a long-term upward trend.
XRP's climb to a new high of $3.66 is driven by favorable regulatory momentum, strong market metrics, and rising institutional interest. With legal clarity advancing, XRP continues to capture bullish attention across the crypto landscape.
