The post XRP’s Price Rally Hits 7-Year High: What’s Next? appeared first on Coinpedia Fintech News
XRP is spreading excitement in the market with its price movement. This month alone, its price skyrocketed by 50%, smashing through a seven-year high above $3. If that isn’t impressive enough, the cryptocurrency has surged 240% over the past quarter. It’s now the third-largest crypto, outranking Tether with a staggering $176.75 billion market cap. What’s driving this explosive growth, and could this momentum last?
The Fastest Rally Since 2018
XRP’s current surge isn’t just significant—it’s historic. This is the fastest price rally since January 2018, a time many crypto enthusiasts remember as the golden age of altcoins. One technical indicator, the 14-month Relative Strength Index (RSI), has reached a striking 84.80. That’s the highest since December 2017, when it reached 94.57.
Now, here’s an interesting thing. Usually, an RSI over 70 signals that an asset might be “overbought.” But in strong bull markets like this one, these readings don’t always mean a correction is near. In fact, they can stick around while prices keep climbing.
Market Trends and XRP’s Rising Popularity
Trading activity has gone through the roof. Spot trading volumes have surged by 84.72% to $22.85 billion in just 24 hours. Derivatives trading isn’t lagging behind either, with volumes more than doubling to $34 billion. Perpetual futures open interest? A record-breaking 2.34 billion XRP. Healthy funding rates, currently sitting at 13%, hint at sustained market enthusiasm without the risk of overheating.
But it’s not just the numbers driving XRP’s rally. Ripple’s new stablecoin, RLUSD, and growing speculation about a potential spot XRP ETF are adding fuel to the fire. Partnerships supporting XRP adoption are also creating a buzz.
Meanwhile, Bitcoin’s rise past $100,000, helped by optimism over slowing U.S. inflation, is boosting the overall crypto market. Ripple effects (pun intended) are benefiting other altcoins like XRP and XLM.
What to Expect Next
XRP’s rise looks more than just a hype in the market. Its reclaimed third spot in the crypto rankings, surpassing even BlackRock in market cap, points to a shift in market sentiment. Add to that strong funding rates and strategic developments, and XRP might just have more room to grow.
As XRP continues its winning streak, all eyes are on whether this momentum can sustain or if we’re in for a reality check. One thing’s for sure—the crypto world is watching closely.
