In recent developments, the cryptocurrency XRP has experienced an impressive price surge, marking the fastest growth since early 2018. This rally is attributed to record levels of activity in derivatives linked to XRP and a notable increase in trading volumes.
The price of XRP has jumped 50% this month, surpassing $3 for the first time in seven years, and spiking 240% over the past quarter. Current market data suggests that XRP is now the third largest cryptocurrency with a market capitalization of $176.75 billion, trailing only behind Tether.
Market analysts report that XRP's rapid ascent is mirrored by a jump in the relative strength index (RSI), a key market analysis tool, reflecting powerful buying momentum. This momentum is expected to be impacted by the broader cryptocurrency market, especially as Bitcoin approaches the $100,000 range, reigniting bullish sentiments among traders.
Diego Cardenas, an OTC trader at digital asset platform Abra, observed, "Crypto continues its recovery from Monday’s drop, with BTC pushing towards the $100k mark. The broader market is rebounding, with altcoins like XRP and XLM standing out. XRP has reclaimed the third spot among cryptocurrencies and surpassed BlackRock’s market cap."
Translation: "Las criptomonedas continúan su recuperación tras la caída de lunes, con BTC acercándose a la marca de $100,000. El mercado en general está repuntando, con altcoins como XRP y XLM destacando. XRP ha recuperado el tercer lugar entre las criptomonedas y superado la capitalización de mercado de BlackRock."
XRP's perpetual futures open interest has also surged to a record high, currently sitting at 2.34 billion XRP, indicating a healthy market condition supportive of continued price increases. Meanwhile, the increasing volumes in both the spot and derivatives markets confirm the ongoing bullish trend.
