XRP, the digital asset linked to Ripple, has surged past a significant milestone today, trading above $3.60 for the first time. The token hit a peak of $3.64, marking a remarkable nearly 68% increase over the past month. This impressive rally comes as a wave of bullish developments reshapes both the regulatory and market landscape for XRP.
A major catalyst for XRP's ascent has been the passage of three key crypto bills in the U.S. House of Representatives. These include the highly anticipated GENIUS Act and CLARITY Act, both designed to provide much-needed legal certainty for digital assets. This legislative progress signals a significant shift, alleviating much of the regulatory uncertainty that has weighed on XRP for the past three years.
The market is increasingly optimistic about the prospect of a spot XRP exchange-traded fund (ETF). Prediction markets like Polymarket now assign an 88% probability that a spot XRP ETF will be approved by December 2025. Adding to this momentum, ProShares is set to launch the first XRP futures ETF in the U.S. today, July 18, marking a significant step towards broader institutional participation. Traders are also closely watching July 21 and July 25, as proposals for leveraged XRP ETFs could be finalized on these dates, potentially triggering even wider adoption.
The surge in XRP's price has been accompanied by a dramatic increase in derivatives market activity. Coinalyze data reveals that XRP open interest has jumped 25% in the past 24 hours, reaching a staggering $4.6 billion. The vast majority of this open interest is concentrated in perpetual contracts, with Binance and Bybit dominating the market.
Furthermore, CoinGlass data highlights significant market volatility. In the last 24 hours, XRP liquidations hit $88.54 million, surpassing Bitcoin's liquidations and ranking second only to Ethereum. Notably, these liquidations were heavily skewed towards short positions, indicating that many traders were caught off guard by XRP's rapid price appreciation. Overall, the broader crypto market experienced widespread liquidations, with over 153,000 traders wiped out and $577 million in positions lost in a single day, with XRP playing a significant role in this volatility.
The strength of XRP's current rally is underpinned by rising institutional interest and significant whale accumulation, driving strong momentum. Analysts now view a breakout towards the $4 mark as a realistic short-term target.
XRP's remarkable turnaround signifies a new era of legitimacy for the token. With fresh legislative clarity, growing ETF momentum, and robust market support, XRP appears to be shedding its past regulatory burdens and forging a path towards wider acceptance and integration into the global financial system.
July 2025, Cryptoniteuae