XRP Skyrockets 12%, Leading Crypto Majors with a 40% Weekly Surge

In a remarkable turnaround, XRP surged by 12% in the past 24 hours, leading gains among major cryptocurrencies. The token has climbed 5% since the start of Asian trading hours on Wednesday, extending its seven-day gains to nearly 40%. This impressive performance makes XRP the best-performing major crypto, even as ether (ETH) enjoys favorable regulatory developments and meme coins attract substantial demand.

XRP has been trailing the market for an extended period, but a shift in sentiment within the crypto space has sparked a meteoric rise in this once-dominant altcoin. On this latest rally, XRP's price hit 60 cents, its highest level since April. This surge could be an attempt to re-enter the uptrend of the past two years.

The recent gains began last week following announcements from traditional futures powerhouses CME and CF Benchmarks about the introduction of indices and reference rates for XRP. This development has contributed to a triangle pattern on long-term price charts, which some traders interpret as a signal of potential bullish action in the coming weeks.

Supporting this optimistic outlook, open interest in futures tracking XRP has more than doubled over the past week, indicating heightened expectations of future price volatility. XRP futures saw a surge in open interest from $420 million on July 9 to over $780 million by Wednesday, reaching levels not seen since mid-April. Trading volumes for XRP also spiked from $2 billion to $3.6 billion during this period. Additionally, Over 60% of XRP futures bets opened in the last 24 hours are longs, or bets on higher prices. This increase in open interest and trading volumes signifies new money flowing into the market, with investors anticipating further gains for XRP.

As XRP continues to capture the market's attention with its impressive rally, all eyes are on whether it can sustain this momentum and solidify its resurgence as a major player in the crypto world.