Key Points
- XRP’s value soared by 40% in a week, briefly reaching $0.63 and becoming the sixth-largest cryptocurrency by market cap.
- Key metrics, including transaction volume and open interest, surged, indicating strong market interest and potential for further price increases.
XRP on the Run
Ripple’s XRP has been among the best-performing cryptocurrencies lately, with its price jumping by approximately 40% on a weekly scale. On July 17, it pumped above the $0.63 mark for the first time since the end of March, currently trading at around $0.61 per Coingecko’s data. XRP also became the sixth-biggest cryptocurrency after its market capitalization, currently hovering around $34 billion, surpassed that of Lido Staked Ether (stETH) and USDC.
Surging Metrics
The rally coincided with the resurgence of important indicators within the XRP ecosystem. The number of executed transactions in 24 hours surpassed 4 million, while the average number of transactions per ledger reached a six-month high. Another metric that recently headed north is the XRP open interest, which exceeded $600 million on July 17, a level last observed in mid-April. XRP open interest refers to the total number of outstanding derivative contracts, such as futures and options, that have not been settled. The indicator’s rise suggests a high level of market participation and could signal solid investor interest. It could also be a precursor to a significant price movement in any direction.
The Bull Run Far From Over
Multiple industry participants noted XRP’s rally, speculating that the bull run is yet to reach new dimensions. The X user Egrag Crypto predicted an ascent above $0.75 should the valuation exceed the $0.65 mark. “Anything below 75c is just market noise,” the trader added. Another X user, NebraskanGooner, with almost 350,000 followers, argued that XRP has formed a nice channel at resistance over the last 12 months, forecasting a potential breakout to as high as $1. Crypto Michael was even more optimistic, claiming that the asset could become one of the biggest pumps of the year once breaking above the major resistance level of $0.56. The price overcame this zone mere hours after the prediction. Most recently, Dark Defender speculated that XRP’s precise level, once surpassing $0.66, is $1.03715. Prior to that, the analyst envisioned a massive rally to the $18-$36 range.
