XRP, supported by Ripple Labs, experienced a remarkable surge of over 11 percent in the last 24 hours, reaching a new all-time high of over $3.5 on Thursday, July 17, during the late North American trading session. This large-cap altcoin, with a fully diluted valuation of approximately $345 billion, saw a 105 percent increase in its daily average traded volume, hovering around $17.3 billion at the time of writing.
The heightened volatility led to over $66 million being liquidated from XRP leveraged markets, with short traders responsible for nearly $48 million.
Key Metrics for XRP Indicate Bullish Sentiment
Prior to the new all-time high, XRP’s futures Open Interest (OI) had seen a significant increase in recent months. Data from Coinglass revealed that XRP’s OI surpassed $10 billion, indicating the emergence of more speculative traders.
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Coinglass data analysis also showed that the XRP funding rate had reached positive peaks in recent weeks, signaling a bullish sentiment. Historically, sustained positive funding rates have been associated with bullish sentiment.
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Primary Factors Driving Today’s Surge
The surge in XRP above $3.5 was primarily triggered by the passing of three crypto bills in the United States House of Representatives. This impending legal clarity is expected to facilitate Ripple’s product expansion in the United States, including its Ripple USD (RLUSD).
The positive outlook for XRP is further supported by Ripple’s strong fundamentals, including the imminent resolution of the lawsuit filed by the SEC. As a result, more institutional investors are turning to XRP as a hedge against inflation and a tool for treasury management.
What Comes Next?
The surge in XRP to a new all-time high coincided with Ethereum (ETH) surpassing $3.4k. With Bitcoin’s dominance waning in favor of the altcoin market, the likelihood of an altseason in 2025 has significantly increased.
From a technical analysis perspective, XRP’s price has followed a bullish fractal pattern similar to the rally seen in 2017.
