Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market
XRP's price outperformed the wider crypto market over the launch of micro futures on Robinhood, greater regulatory clarity with the withdrawal of cross-apeals, and more.
XRP's price climbed 5.5% to $2.19 in the last 24 hours, outperforming the wider cryptocurrency market.
The launch of XRP micro futures on Robinhood, which offer traders more flexibility, was one catalyst, along with the withdrawal of Ripple's cross-appeal in the SEC lawsuit.
On-chain data also supported the price increase, with the XRP Ledger logging over 1.1 million active addresses in the past week.
XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.
One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.
Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.
On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.
