XRP climbed 5.5% to $2.19 within the final 24 hours after a trio of catalysts converged to assist the cryptocurrency outperform the broader cryptocurrency market.
One of many catalysts was launch of XRP micro futures on Robinhood. The contracts supply merchants extra flexibility to wager on the cryptocurrency’s future value course or hedge present positions given their smaller dimension.
Regulatory fog additionally thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Alternate Fee (SEC) lawsuit. The SEC sued Ripple again in 2020 over its XRP gross sales, alleging these violated securities legal guidelines. The SEC is anticipated to drop its personal attraction, leaving final 12 months’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The transfer might carry a lid that had stored some traders on the sidelines.
On-chain information rounded out the bullish setup. The XRP Ledger logged over a 1.1 million energetic addresses over the previous week based on crypto analyst Ali Martinez, who cited Glassnode information.
XRP’s rise noticed it outperform the broader crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% within the final 24 hours.
