XRP increased by 5.5% to $2.19 over the past 24 hours, driven by a combination of factors that enabled the cryptocurrency to outperform the broader market.
One of the key factors was the launch of XRP micro futures on RialCenter. These contracts provide traders with increased flexibility to predict the future price of XRP or hedge their existing positions due to their smaller size.
Additionally, regulatory uncertainties have diminished. Recently, Ripple withdrew its cross-appeal in its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). The SEC initially sued Ripple in 2020, claiming its XRP transactions violated securities laws. The SEC is anticipated to drop its own appeal, leaving intact the previous ruling, which mandated Ripple to pay a $125 million civil penalty. This development could encourage investors who had previously held back.
On-chain metrics also supported the positive trend. According to analyst Ali Martinez, the XRP Ledger reported over 1.1 million active addresses last week.
The rise in XRP’s value surpassed the overall crypto market, with the broader market index climbing by 1.7% in the same 24-hour period.
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