
XRP has surged 240% in the past quarter, reaching a seven-year high and surpassing Tether in market cap.
Strong fundamentals, including Ripple's new stablecoin, potential ETF, and growing partnerships, are fueling XRP's rally.
High trading volumes, healthy funding rates, and a bullish overall crypto market environment suggest continued momentum for XRP.
XRP is spreading excitement in the market with its price movement. This month alone, its price skyrocketed by 50%, smashing through a seven-year high above $3. If that isnโt impressive enough, the cryptocurrency has surged 240% over the past quarter. Itโs now the third-largest crypto, outranking Tether with a staggering $176.75 billion market cap.
Whatโs driving this explosive growth, and could this momentum last?
The Fastest Rally Since 2018
XRPโs current rally is the fastest it has seen since January 2018, a time many crypto enthusiasts remember as the peak of the altcoin era. The 14-month Relative Strength Index (RSI) has hit 84.80, its highest since December 2017, when it reached 94.57.
Normally, an RSI above 70 suggests an asset is โoverbought,โ which could signal a price correction. However, in strong bull markets like the one XRP is in, these high readings donโt always mean a pullback is coming. In fact, prices can keep rising even when the RSI stays high.
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Market Trends and XRPโs Rising Popularity
XRPโs price surge is supported by a dramatic increase in trading activity. Spot trading volumes have jumped 84.72%, reaching $22.85 billion in just 24 hours. Derivatives trading has more than doubled to $34 billion, and perpetual futures open interest has hit a record-breaking 2.34 billion XRP. The healthy funding rate of 13% suggests the market is enthusiastic but not overheating.
But itโs not just the numbers driving XRPโs rally. Rippleโs new stablecoin, RLUSD, and growing speculation about a potential spot XRP ETF are adding fuel to the fire. Partnerships supporting XRP adoption are also creating a buzz.
Meanwhile, Bitcoinโs rise past $100,000, helped by optimism over slowing U.S. inflation, is boosting the overall crypto market. Ripple effects (pun intended) are benefiting other altcoins like XRP and XLM.
XRPโs Future: Could the Growth Continue?
XRPโs reclaiming of the third spot in the cryptocurrency rankings, surpassing even BlackRock in market cap, suggests a shift in market sentiment. With strong funding rates and key developments underway, XRP has the potential to keep growing.
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As XRPโs streak continues, the question remains whether this momentum will hold or if a correction is looming. One thing is for sureโthe entire crypto world is watching.
FAQs
As per our latest XRP price analysis, the Ripple could reach a maximum price of $148.37.
By 2050, a single Ripple price could go as high as $418.73.
XRP might reach a high of $3.99 with an average of $3.07.