Ripple Labs-backed XRP rallied over 11 percent in the last 24 hours to hit a new all-time high (ATH) of above $3.5 on Thursday, July 17, during the late North American trading session. The large-cap altcoin, with a fully diluted valuation of about $345 billion, recorded a 105 percent surge in its daily average traded volume to hover about $17.3 billion at the time of this writing.
As a result of the heightened volatility, more than $66 million was liquidated from XRP leveraged markets, with the short traders accounting for nearly $48 million.
The XRP pump to a new all-time high was preceded by a sharp uptick in its futures Open Interest (OI) in the last few months. According to market data from Coinglass, XRP’s OI surged to over $10 billion, signaling the emergence of more speculative traders.
According to data analysis from Coinglass, the XRP funding rate has shifted to positive peaks in the past few weeks, signaling bullish sentiment. Historically, sustained positive funding rates are associated with bullish sentiment and vice versa.
The XRP pump above $3.5 for the first time in its history was majorly triggered by the passage of three crypto bills in the United States House of Representatives. The imminent legal clarity will help Ripple scale its product rollout in the United States including its Ripple USD (RLUSD).
The XRP bullish outlook is also bolstered by the robust fundamentals of Ripple including the imminent closure of the lawsuit filed by the SEC. Consequently, more institutional investors have been adopting XRP as a hedge against inflation and a treasury management tool.
The XRP pump to new ATH has coincided with the recent Ethereum (ETH) price rally above $3.4k. With the Bitcoin dominance losing ground to the altcoin market, the odds of a 2025 altseason happening have surged significantly.
From a technical analysis standpoint, XRP price has followed a similar bullish fractal pattern to the 2017 rally.
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