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XRP (XRP) has gone up by more than 32% in the past 7 days alone, as multiple tailwinds are playing in favor of a push to $4.
Just hours ago, the price hit a critical threshold at $3.4, corresponding to this year’s swing high. This is also the closest that XRP has been to its all-time high of $3.84 from January 2018 in many years.
Multiple catalysts have contributed to this week’s bullish move. Trading volumes have surged to $23 billion – up 53% in the past 24 hours – and currently account for 11% of the token’s circulating supply.
Meanwhile, open interest in XRP futures has hit a record of $10 billion today as well while CME Group futures for this token also booked their best day since they came out as open interest surged to nearly $500 million.
Yesterday, the U.S. House of Representatives passed the historic Genius Act – a crypto bill that will regulate how stablecoins are offered within the country.
President Donald Trump now has to sign the bill so it can take effect, and top regulatory agencies like the Securities and Exchange Commission (SEC) will now have to abide by these regulations and treat crypto companies more fairly than they have in previous years.
Launch of UXRP Paves the Way for a Spot XRP ETF
XRP also benefited from the launch of the first exchange-traded fund (ETF) in the United States for this token – the ProShares Ultra XRP ETF (UXRP).
This ETF charges a 1.67% expense ratio and offers twice the daily returns generated by XRP. It is a leveraged product that would provide both retail and institutional investors with augmented exposure to the token at a relatively low cost.
Data from Robinhood shows that the fund currently manages $10.6 million. A spot ETF for XRP has not been launched yet. Analysts agree that once it does, trading volumes and institutional interest for Ripple’s native asset should explode.
The daily chart for XRP shows that the price has broken above the $3.4 level decisively in a move that was accompanied by above-average trading volumes.
The token reached an intraday high of $3.6662 and has managed to stay above the $3.4 mark throughout the entire session.
Trading volumes today have already exceeded the average as well, emphasizing the relevance of these price levels for market participants.
If the $3.4 level holds during the session, we could see XRP hitting the $4 mark during the weekend as bullish momentum following the approval of the Genius Act may continue to play in favor of this token’s uptrend.
The Relative Strength Index (RSI) has reached extreme levels as a result of this jump at 86. This increases the odds of a strong pullback. Both the short-term and long-term exponential moving averages (EMAs) are on an uptrend and are due for a breather.
As altcoins continue to reach higher ground, the best crypto presales like Token6900 (T6900) could outperform well-established tokens. This meme coin has already raised nearly $700,000 by following the footsteps of the successful SPX6900 (SPX).
Token6900 (T6900) is the Purest Meme Coin With a Touch 2000s Nostalgia
Token6900 (T6900) was born as a parody of the popular S&P 500 index but it adds a touch of nostalgia from an era when things were simpler.
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Token6900 celebrates this by minting a token that makes fun of what the financial system has been turned into. No more staring at charts, scrolling down your X feed to find the best meme coin, or being screwed by endless rug pulls.
This token has a hard cap of $5 million. It will be sold at an initial price of $0.006400 and the highest it will get will be $0.007125.
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