XRP saw a notable price increase today, climbing 1.5% in the past 24 hours to reach an intra-day high of $0.5184. The cryptocurrency’s spot trading volumes surged to over $1.05 billion, up 10% since yesterday. This rising demand has boosted XRP’s market capitalization to $29.14 billion, maintaining its position as the seventh-largest cryptocurrency globally.
Ripple’s Q3 Report Spurs Investor Confidence
The recent release of Ripple’s Q3 report has significantly influenced XRP’s bullish trend. The report, published on November 1, highlighted Ripple’s successes, including growing institutional interest in XRP investment products and a notable court victory against the U.S. Securities and Exchange Commission (SEC). This ruling clarified that XRP is not a security, bringing regulatory certainty to the token in the U.S. Since this decision, exchanges that had delisted XRP are now relisting it, increasing investor confidence. Asset management firms such as Bitwise and 21Shares have also applied to introduce XRP-based exchange-traded funds (ETFs), indicating growing institutional interest.
On-Chain Activity and Demand for XRP Tokens Rise
Ripple’s on-chain activity has seen a rebound, with successful transactions doubling in Q3 from May and June lows. The total value locked (TVL) in automated market makers (AMMs) for XRP has also doubled from $8.5 million to $16.2 million. Additionally, new wallets interacting with the network increased by 11% quarter-on-quarter. This heightened network activity indicates rising demand for XRP, adding upward pressure on its price.
Bullish Chart Patterns Signal Potential Breakout
Favorable technical analysis further supports XRP’s current momentum. Analyst Steph Is Crypto recently highlighted a bullish chart pattern, known as the Wyckoff Accumulation Phase D, which indicates a potential major move for XRP. This sentiment is echoed by YouTuber Levi, who pointed out that XRP’s Bollinger Bands have narrowed—often a precursor to explosive price movements. Historical trends also suggest that XRP rallies during U.S. election cycles, as seen in 2017 and 2020.
If these factors align, XRP could be poised for substantial growth, especially with 2025 on the horizon.
