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BitcoinSistemi 2025-01-16 21:47:09

What’s the Latest on the XRP Big Bull? Why Has XRP Price Increased?

XRP is on its strongest rally since the altcoin boom of January 2018, fueled by increased derivatives activity and renewed investor enthusiasm. In the past seven days alone, XRP has gained 47%, taking its market cap to $192.75 billion and becoming the third-largest cryptocurrency by market cap, ahead of stablecoin Tether (USDT). XRP’s relative strength index (RSI), a widely used market analysis tool, is showing the unprecedented pace of its rally. The 12-month RSI has risen to 92, the highest level since October 2017. This suggests that the momentum seen in the past year is the strongest in the last seven years. While RSI levels above 70 are traditionally interpreted as “overbought,” analysts caution against assuming that means a correction is imminent. “Indicators like the RSI may remain elevated for longer than the bears can sustain,” one market watcher said. Related News: Extremely Dovish Interest Rate Cut Statements from FED Member Waller - Here are the Must-Know Details of the Surprise Speech The surge in XRP’s price was accompanied by record activity in XRP futures. Open interest, a measure of the total value of active contracts, reached an all-time high, indicating strong participation from both retail and institutional investors. “Cryptocurrencies continue to recover from Monday’s decline, with BTC heading toward the $100,000 level,” said Diego Cardenas, an OTC trader at Abra. “Altcoins like XRP and XLM are leading the way, while the broader market is recovering. XRP has reclaimed the #3 spot among cryptocurrencies, surpassing BlackRock by market cap.” Catalysts Behind the Rally According to the analyst, several factors are driving the rapid rise of XRP: Partnerships and Adoption: Ripple, the company behind XRP, has formed a growing number of partnerships with financial institutions around the world. New Stablecoin Launch: The launch of Ripple’s RLUSD stablecoin has increased confidence in the use of XRP. Spot XRP ETF Speculation: Market participants are optimistic about the potential approval of a spot XRP exchange-traded fund (ETF) following the SEC’s recent openness to crypto ETFs. In addition, the news published by the New York Post today, claiming that Donald Trump is open to the idea of making US-based cryptocurrencies, including XRP, into strategic reserves, also significantly supported XRP's recent rise. *This is not investment advice. Continue Reading: What’s the Latest on the XRP Big Bull? Why Has XRP Price Increased?

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