XRP surged past a historic milestone on Friday, trading above $3.60 for the first time, after a wave of bullish developments reshaped the regulatory and market landscape for the Ripple-linked asset.
The token peaked at $3.64, up nearly 68% over the past month, according to market data, as investors responded to a flurry of major catalysts.
Chief among them was three key crypto bills passing in the US House of Representatives, including the long-awaited GENIUS Act and CLARITY Act, which aim to bring legal clarity to digital assets.
XRP Gets Institutional Boost With ETF Debut
Adding fuel to the rally, ProShares is set to launch the first XRP futures ETF in the US on the same day. As a result, this move opens the door for broader institutional participation in the XRP market, which until now has been largely out of reach for many traditional investors.
Further, the momentum has attracted heavyweight interest. Eleven major asset managers, including Franklin Templeton, Grayscale, 21Shares and Bitwise, have already filed applications linked to XRP investment products. Together, these filings signal growing confidence in the asset’s long-term potential.
2023 XRP Court Win Could Soon Be Final
On the regulatory front, traders are watching closely for a possible breakthrough. Market chatter suggests the US SEC may soon drop its appeal in the high-profile Ripple case. If that happens, it would cement a 2023 court ruling that found XRP sales to retail investors do not constitute securities offerings under US law.
Prediction markets seem to agree. For instance, Polymarket now assigns an 88% probability that a spot XRP ETF will be approved by Dec. 2025.
In the near term, traders are closely watching two key dates: July 21 and July 25. On these days, leveraged ETF proposals could be finalized. If that happens, it may trigger broader adoption of XRP-based ETFs.
XRP Open Interest Soars 25% to $4.6B in 24 Hours
Meanwhile, derivatives market activity has surged. Coinalyze data shows XRP open interest jumped 25% in the past 24 hours, reaching $4.6b. Nearly all of that is concentrated in perpetual contracts. Notably, Binance and Bybit dominate the market, holding $1.8b and $1.6b in open interest, respectively.
Additionally, CoinGlass data reinforces the trend. In the past 24 hours, XRP liquidations reached $88.54m. This figure is higher than Bitcoin’s $79.67m and second only to Ethereum’s $206.65m. Notably, the liquidations were heavily skewed toward short positions. This suggests many traders were caught off guard by the sudden price jump.
Overall, the crypto market saw widespread liquidations. More than 153,000 traders were wiped out in a single day. In total, $577m in positions were lost. XRP played a major role in driving this volatility.
The rally’s strength appears to be gaining solid support. Rising institutional interest and whale accumulation are driving momentum. As a result, analysts now view a breakout toward $4 as a realistic short-term target.
XRP’s rise marks a sharp turnaround for the token. For much of the past three years, it was weighed down by regulatory uncertainty. Now, things have changed. With fresh legislative clarity, ETF momentum and strong market support, XRP seems to be entering a new era of legitimacy.
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