XRP surged to a new all-time high of $3.66 on Friday, July 18, during the first North American trading session, recording a strong increase of 7.82% on the day. This spike occurred amid increased investor confidence, more vibrant market activity, and a significant breakthrough in regulation in the U.S.
XRP's daily trading volume surged by 102%, reaching approximately $23.2 billion. This bullish move has lifted the fully diluted market capitalization of this token to nearly $345 billion, making it one of the best-performing coins in the cryptocurrency world.
With increasing volatility, over $66 million worth of leveraged XRP positions have been liquidated on the largest exchanges. Statistics show that nearly $48 million has been bought back by short sellers, indicating strong bullish momentum in the market.
The Genius Greenlight Act Boosts Optimism
The spike in XRP's price comes right after the U.S. Congress passed the Stablecoin Innovation and National Uniform Standards Act (GENIUS). After receiving the legal framework for stablecoins, the bill is said to be headed to the president's desk for signing.
This event is seen as a turning point in Ripple's history, helping the company establish Ripple USD (RLUSD) and expand operations in the U.S. Investors are also starting to show renewed interest in XRP as regulatory oversight uncertainties become clearer.
Derivatives Market Data Shows Strong Bullish Trend
Futures market activity around XRP has surged along with price volatility. According to Coinglass, XRP's open interest recently surpassed $10 billion, reflecting the influx of speculative capital and stronger market participation.
Furthermore, XRP's funding rate has consistently increased over the past few weeks. This indicates that traders are paying a premium to maintain long positions, and in most segments, this is a sign of confidence in the long-term uptrend.
Predictions also support the view that the decades-long legal proceedings between Ripple and the U.S. SEC may be nearing an end. Consequently, other financial institutions are facing increasing exposure to XRP to hedge risks and even allocate their funds.
Meanwhile, Ethereum surpassing the resistance level of $3,400 and Bitcoin's declining dominance ratio have contributed to increasing optimism in the altcoin market. Financial analysts unanimously agree that XRP is one of the main beneficiaries of the new capital flowing into alternative digital assets.
Conclusion
XRP's surge to a new all-time high of $3.66 is the result of favorable legal momentum, strong market indicators, and increasing institutional interest. With improving legal transparency and expanded trading activity, XRP continues to attract positive attention across the cryptocurrency market.
