18.07.2025 02:39
XRP, the cryptocurrency backed by Ripple Labs, soared to a record high exceeding $3.50 on Thursday, July 17th, during the North American trading session. This remarkable surge represented an 11% increase within the preceding 24 hours, marking a significant milestone in its history.
Fueling this unprecedented rally was a dramatic increase in daily trading volume, exceeding $17.3 billion—a 105% jump compared to the daily average. This heightened market activity, however, also led to significant liquidations within leveraged XRP markets, totaling over $66 million, with short sellers bearing the brunt of the losses at approximately $48 million.
Several key indicators pointed towards this bullish surge even before the price exploded. Over the past few months, a substantial increase in XRP futures Open Interest (OI) to over $10 billion suggested growing speculative activity among traders. Furthermore, a persistently positive funding rate, as noted by data from Coinglass, confirmed the prevailing bullish sentiment among market participants; positive funding rates are typically indicative of optimistic market expectations.
The catalyst for this dramatic price increase was threefold: the recent passage of three pro-crypto bills in the US House of Representatives. This legislative progress promises regulatory clarity, enabling Ripple to more effectively expand its product offerings within the United States, particularly its Ripple USD (RLUSD) stablecoin. Additionally, the ongoing legal battle with the SEC nearing resolution further enhanced investor confidence. Finally, institutional investors increasingly view XRP as a valuable tool for inflation hedging and treasury management.
The future trajectory of XRP remains uncertain, but its recent all-time high, driven by a combination of legislative tailwinds, improved regulatory prospects and a positive market outlook, undoubtedly marks a significant turning point in its narrative. The sustained bullish sentiment and robust trading volume suggest continued upward momentum, although inherent market volatility remains a factor to consider.
