The XRP supported by Ripple Labs joined more than 11% in the last 24 hours to reach a new summit of all time (ATH) of more than $ 3.5 on Thursday, July 17, at the end of the North American negotiation session. The large capitalization Altcoin, with an entirely diluted evaluation of around $ 345 billion, recorded a 105% increase in its daily volume exchanged to oscillate about $ 17.3 billion at the time of writing this article.
Due to increased volatility, more than $ 66 million was liquidated from XRP leverage, short traders representing nearly $ 48 million.
Key metrics for the XRP Sensation Haussier signal
The XRP pump at a new summit of all time has been preceded by a clear increase in its open interest in the long term (OI) in recent months. According to Coinglass market data, the ONI of XRP has increased to more than $ 10 billion, signaling the emergence of more speculative traders.
According to Coinglass data analysis, the XRP funding rate has moved to positive peaks in recent weeks, signaling a bullish feeling. Historically, the positive funding rates supported are associated with a bullish feeling and vice versa.
The main reasons behind today’s pump
The XRP pump greater than $ 3.5 for the first time in its history was mainly triggered by the adoption of three crypto invoices in the House of Representatives of the United States. The imminent legal clarity will help Ripple to evolve its deployment of product in the United States, including its USD Ripple (RUSD).
The XRP upright perspectives are also reinforced by the robust fundamental principles of Ripple, including the imminent closure of the SEC trial. Consequently, more institutional investors have adopted the XRP as coverage against inflation and a cash management tool.
What to follow?
The XRP pump to New ATH coincided with the recent Ethereum (ETH) prices higher than $ 3.4,000. The domination of Bitcoin losing ground against the Altcoin market, the chances of an Altans of 2025 increased significantly.
From the point of view of technical analysis, the XRP price has followed a bullish fractal model similar to the 2017 rally.
