XRP
surged
14%
in
the
past
24
hours,
outpacing
bitcoin
and
other
majors,
extending
a
month-long
run
that
has
seen
its
price
triple.
Nov
29,
2024,
11:11 a.m.
bullish
momentum
keeps
on
going.
(Flickr)
What
to
know:
-
XRP
surged
14%
in
the
past
24
hours,
outpacing
bitcoin
and
other
major
cryptocurrencies. -
A
confluence
of
factors
have
contributed
to
XRP’s
appeal
in
recent
weeks. -
Open
interest
in
both
XRP
and
U.S.
dollar-denominated
terms
are
over
record
levels
with
over
2
billion
tokens
($2
billion+)
in
futures
positions.
Several
fundamental
and
regulatory
developments
have
pushed
the
XRP
price
to
levels
not
seen
since
April
2021,
with
bulls
now
eyeing
the
$2
mark
in
a
sign
of
renewed
strength
for
the
previously
embattled
token.
XRP
surged
14%
in
the
past
24
hours,
outpacing
bitcoin
and
other
major
cryptocurrencies,
extending
a
month-long
run
that
has
seen
the
price
rise
200%
to
make
the
token
the
best-performing
major
token
alongside
dogecoin
(DOGE).
continues
below
Prices
approached
$1.70
in
the
European
morning,
with
24-hour
trading
volume
rising
30%
to
$10
billion.
Volume
was
led
by
South
Korean
exchange
UpBit.
price
chart.
(TradingView)
There
was
no
immediately
apparent
cause
for
Friday’s
jump,
though
several
factors
have
contributed
to
XRP’s
appeal
in
recent
weeks.
The
rise
started
in
early
November
after
Republican
victories
in
the
U.S.
elections
renewed
investor
confidence
in
tokens
with
links
to
U.S.
companies,
such
as
XRP’s
closely
related
Ripple
Labs.
XRP
advanced
again
in
mid-November
when
U.S.
Securities
and
Exchange
Commission
Chair
Gary
Gensler
said
he
would
step
down
in
January
—
boosting
hopes
of
a
more
relaxed
regulatory
environment.
XRP
and
U.S.
dollar-denominated
open
interest
are
over
record
levels,
with
over
2
billion
tokens
(worth
more
than
$2
billion
at
current
prices)
in
futures
positions
betting
on
further
market
volatility.
Some
traders
also
expect
an
XRP
exchange-traded
fund
(ETF)
in
the
U.S.,
especially
those
anticipating
a
more-lenient
regulatory
environment.
A
money-market
fund
launched
on
XRP
Ledger,
the
network
that
uses
XRP
as
fees
to
confirm
and
process
transactions,
boosting
expectations
of
institutional
usage.
Ripple
has
said
it
plans
to
invest
an
unspecified
amount
in
the
newly
rebranded
Bitwise
Physical
XRP
ETP
(earlier
called
the
ETC
Group
Physical
XRP),
as
reported
Wednesday.
The
announcement
sent
XRP
higher
by
10%
at
the
time.
Shaurya
Malwa
Shaurya
is
the
Co-Leader
of
the
CoinDesk
tokens
and
data
team
in
Asia
with
a
focus
on
crypto
derivatives,
DeFi,
market
microstructure,
and
protocol
analysis.
Shaurya
holds
over
$1,000
in
BTC,
ETH,
SOL,
AVAX,
SUSHI,
CRV,
NEAR,
YFI,
YFII,
SHIB,
DOGE,
USDT,
USDC,
BNB,
MANA,
MLN,
LINK,
XMR,
ALGO,
VET,
CAKE,
AAVE,
COMP,
ROOK,
TRX,
SNX,
RUNE,
FTM,
ZIL,
KSM,
ENJ,
CKB,
JOE,
GHST,
PERP,
BTRFLY,
OHM,
BANANA,
ROME,
BURGER,
SPIRIT,
and
ORCA.
He
provides
over
$1,000
to
liquidity
pools
on
Compound,
Curve,
SushiSwap,
PancakeSwap,
BurgerSwap,
Orca,
AnySwap,
SpiritSwap,
Rook
Protocol,
Yearn
Finance,
Synthetix,
Harvest,
Redacted
Cartel,
OlympusDAO,
Rome,
Trader
Joe,
and
SUN.
