XRP has passed a historic milestone , as it traded above $3.60 for the first time , following a series of positive developments that redefined the regulatory and market landscape for the Ripple-related asset.

The token peaked at $3.64 , up nearly 68% in the past month , as investors reacted to a flurry of key factors, starting with the passage of three major cryptocurrency bills in the U.S. House of Representatives , including the long-awaited GENIUS Act and CLARITY Act, which aim to bring greater legal clarity to digital assets.

XRP $XRP Gets Institutional Boost With ETF Debut

Adding further impetus to the rally is news that ProShares is poised to launch the first XRP futures ETF in the US , a move that opens the door to broader institutional participation in the XRP market, which has so far been largely inaccessible to many traditional investors.

Furthermore, the momentum has attracted interest from big names. Eleven major fund managers , including Franklin Templeton, Grayscale, 21Shares, and Bitwise, have already submitted applications for XRP-related investment products . These inquiries indicate growing confidence in the asset's long-term potential.

The 2023 court victory could become final.

On the regulatory front, traders are closely watching the possibility of a major development. According to some market rumors, the US SEC may soon withdraw its appeal in the Ripple case . If this were to happen, the 2023 ruling that determined that sales of XRP to retail investors do not constitute securities offerings under US law would be upheld.

Prediction markets also seem to be aligned. Polymarket , for example, now assigns an 88% probability of a spot XRP ETF being approved by December 2025.

In the short term, traders are monitoring two key dates: July 21 and 25. Leveraged ETF proposals could be finalized on those days , which, if approved, could trigger broader adoption of XRP-based ETFs.

XRP open interest soars 25% to $4.6 billion in 24 hours.

Meanwhile, activity in the derivatives market has exploded. According to Coinalyze data , open interest in XRP has increased 25% in the last 24 hours, reaching $4.6 billion , almost entirely concentrated in perpetual contracts. Binance and Bybit dominate the market, with open positions of $1.8 billion and $1.6 billion , respectively.

CoinGlass data also confirms this trend. Over the past 24 hours, XRP liquidations reached $88.54 million , more than Bitcoin's total ($79.67 million) and second only to Ethereum ($206.65 million). Liquidations primarily affected short positions, suggesting that many traders were caught off guard by the rapid rally.

Overall, the cryptocurrency market saw widespread liquidations: over 153,000 traders were wiped out in a single day, resulting in a total of $577 million in lost positions. XRP played a central role in driving this volatility.

The rally's strength appears increasingly solid . Growing institutional interest and accumulation by whales are fueling momentum. As a result, analysts now see a breakout towards $4 as a realistic near-term target.

XRP's rise represents a marked reversal for the token, which, for much of the last three years, has been burdened by regulatory uncertainty. Now, however, the landscape has changed : with new regulatory clarity, momentum in ETFs, and strong market support, XRP appears poised to enter a new era of legitimacy.

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