14.02.2025 15:58
XRP, Ripple's native cryptocurrency, experienced a remarkable surge, defying the broader market downturn triggered by Bitcoin's failure to reclaim the $100,000 mark. This impressive 17% price jump in the last 24 hours made XRP one of the day's top performers, contrasting sharply with the generally sluggish or negative performance of other major cryptocurrencies. The significant increase in open interest strongly hints at substantial future price movements.
This dramatic upswing followed the U.S. Securities and Exchange Commission's (SEC) acceptance of Grayscale's applications for spot XRP exchange-traded funds (ETFs). Interestingly, the SEC also approved Grayscale's Dogecoin ETF filing, a development that simultaneously boosted DOGE's price by 5%. This wave of ETF-related excitement propelled XRP to a price exceeding $2.70.
Data from Coinglass reveals a stunning 16% increase in XRP futures open interest within the past 24 hours, reaching a staggering $4.18 billion. Derivatives volume saw an even more dramatic spike, jumping nearly 80% to surpass $11.85 billion. The SEC's ETF filing update reignited speculative trading activity, leaving investors wondering just how high XRP's price might climb.
Investor enthusiasm was palpable, with XRP's price increase effectively erasing recent losses. Over the past seven days, XRP has climbed 12%, a stark contrast to Bitcoin's 2% decline during the same period. At the time of writing, XRP trades at an average price of $2.69, boasting a 48% increase in 24-hour trading volume, reaching $8.09 billion. Coinglass further reported that liquidations of long and short positions totaled over $14.7 million in the past 24 hours, with a significant majority (66%, or approximately $10 million) representing short positions, indicating that many traders had anticipated continued downward pressure on XRP's price.
