XRP Hits $3 Milestone, Outpaces Bitcoin with 488% Gains

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Bitget Academy2025/01/16 07:15

By:Bitget Academy

XRP has reached a seven-year high, briefly surpassing $3 during U.S. trading, marking its strongest performance since January 2018. The token has gained 488% since Donald Trump’s election win, reclaiming its position as the third-largest cryptocurrency by market capitalization, now exceeding $170 billion and even surpassing BlackRock’s valuation. XRP’s rally coincides with Bitcoin hitting $100,000 and a broader crypto market surge.

Key drivers behind XRP’s rise include growing anticipation for crypto-friendly U.S. policies, Ripple’s legal progress with the SEC, and speculation about the approval of a spot XRP ETF. Ripple President Monica Long expressed optimism about imminent ETF approval under the incoming administration. Additionally, Ripple’s launch of its stablecoin, RLUSD, and a series of strategic partnerships have fueled investor confidence.

Large holders have significantly contributed to the rally, accumulating 1.4 billion XRP tokens (worth $3.8 billion) over the past two months, as reported by Santiment. Analysts suggest XRP could surpass its previous all-time high of $3.40, with inflation-adjusted targets above $4.24. The breakout from a consolidation pattern in December has further strengthened the token’s bullish momentum, positioning it for potential new records.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, both BTC and ETH futures experienced similar growth in open interest, with BTC increasing by 3.62% and ETH slightly higher at 3.78%. However, their trading volumes diverged: BTC volume decreased by 5.17%, while ETH volume surged by 28.04%. Liquidations were comparable, with short liquidations dominating for both, though ETH long liquidations slightly outpaced BTC's. Long/short ratios were almost identical for both assets, reflecting a balanced sentiment. Funding rates also remained close, showing consistent demand across both markets.

BTC Futures Updates

Total BTC Open Interest: $63.76B (+3.62%)

BTC Volume (24H): $99.94B (-5.167%)

BTC Liquidations (24H): $24.24M (Long)/$58.28M (Short)

Long/Short Ratio: 50.27%/49.73%

Funding Rate: 0.0107%

Ether Futures Updates

Total ETH Open Interest: $29.31B (+3.78%)

ETH Volume (24H): $43.71B (+28.04%)

ETH Liquidations (24H): $27.33M (Long)/$58.28M (Short)

Long/Short Ratio: 50.07%/49.93%

Funding Rate: 0.0102%

Top 3 OI Surges

MVL: $9.08M (+347.38%)

ZCX: $34.29K (+161.32%)

ELIZASOL: $110.59K (+124.88%)

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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