XRP price is looking for a new bullish catalyst to trigger a move above $1
XRP Price Rises Over 100% After Ripple's Win Last Week, But Do Fundamentals Support a Move to $1 and Beyond?
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The price of XRP (XRP) recorded an incredible 100% gain on the same day as the landmark decision in the XRP securities case, but buyers are now struggling to hold on to those gains.
The price spike came after Judge Analisa Torres of the District Court for the Southern District of New York ruled that the sale of XRP to retail investors does not qualify the security token in the U.S. Securities and Exchange Commission (SEC) case against Ripple.
As commercial interest in XRP revives, technical and network usage data suggests a near-term pullback.
Traders flock to XRP but network growth stallsAccording to data from Coinglass, the volume of open interest for XRP futures contracts, which represents the total value of open bets for the asset, reached its highest level since November 2021, reaching $1.19 billion on July 20.
XRP Future Open Interest Volume. Source: CoinglassXRP spot trading volumes have overtaken Bitcoin and Ethereum and US-based exchanges like Gemini and Coinbase have relisted XRP, further bolstering market sentiment.
Despite these positive developments, network activity has not seen a similar increase. The number of transactions on the XRP Ledger has remained constant for more than a year, indicating a scarcity of new entities actively participating in the network.
The
XRP Price Rises Over 100% After Ripple's Win Last Week, But Do Fundamentals Support a Move to $1 and Beyond?
Market analysis
Join us on social networks
The price of XRP (XRP) recorded an incredible 100% gain on the same day as the landmark decision in the XRP securities case, but buyers are now struggling to hold on to those gains.
The price spike came after Judge Analisa Torres of the District Court for the Southern District of New York ruled that the sale of XRP to retail investors does not qualify the security token in the U.S. Securities and Exchange Commission (SEC) case against Ripple.
As commercial interest in XRP revives, technical and network usage data suggests a near-term pullback.
Traders flock to XRP but network growth stallsAccording to data from Coinglass, the volume of open interest for XRP futures contracts, which represents the total value of open bets for the asset, reached its highest level since November 2021, reaching $1.19 billion on July 20.
XRP Future Open Interest Volume. Source: CoinglassXRP spot trading volumes have overtaken Bitcoin and Ethereum and US-based exchanges like Gemini and Coinbase have relisted XRP, further bolstering market sentiment.
Despite these positive developments, network activity has not seen a similar increase. The number of transactions on the XRP Ledger has remained constant for more than a year, indicating a scarcity of new entities actively participating in the network.
The
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