241122: XRP Price Surges 25% as Headwinds for Ripple Clear Even More

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Bitget Academy2024/11/22 05:49

By:Bitget Academy

XRP is closely-related to Ripple Labs, a high-profile payments company targeted by the SEC since 2020 on allegations of selling the token as a security to U.S. investors. Ripple fully cleared a long-drawn court case in 2024, bringing the spotlight back on XRP, a major token that commands a $77 billion market capitalization.

The token is now up 65% in the past 7 days and 150% in the past month, data shows, with CoinDesk market analysts targeting a short-term price level of $1.40.

Donald Trump's election victory in 2024 has been positively received by the crypto community due to his previously expressed pro-crypto sentiments. Investors are betting that his administration might foster policies conducive to the growth of the crypto industry. There are also expectations of an XRP exchange-traded fund (ETF) in the U.S. among some traders amid the perceived lenient regulatory environment.

This week, XRP, alongside dogecoin (DOGE), recorded significantly higher trading volumes than usual leader bitcoin on various exchanges in a sign of frenzied demand. XRP and U.S. dollar-denominated open interest are over record levels with over 2 billion tokens (worth more than $2 billion at current prices) in futures positions betting on further market volatility.

Source: CoinDesk

Futures Market Updates

As Bitcoin inched closer to the historic $100K mark, funding rates across markets are about to make new records.

Bitcoin Futures Updates

Total BTC Open Interest: $64.51B (+3.25%)

BTC Volume (24H): $134.38B (+9.58%)

BTC Liquidations (24H): $36.73M (Long)/$91.31M (Short)

Long/Short Ratio: 50.24%/49.76%

Funding Rate: 0.0159%

Ether Futures Updates

Total ETH Open Interest: $20.65B (+11.63%)

ETH Volume (24H): $69.04B (+78.71%)

ETH Liquidations (24H): $26.63M (Long)/$49.25M (Short)

Long/Short Ratio: 49.70%/50.30%

Funding Rate: 0.0415%

Top 3 OI Surges

ME: $5.52K (+316.26%)

SCRT: $4.51M (+129.23%)

OL: $5.61M (+117.22%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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