On Wednesday, XRP, the fourth most valuable cryptocurrency in the world, experienced a significant increase. This concluded a two-day streak and resulted in its highest daily closing value of the year.
XRP has once again reached its highest daily closing value of the year, a record it first achieved a week ago following a judge’s decision. The token briefly rose to an intraday high of $0.94 before experiencing a 28% correction. At 8:15 am ET, the asset had decreased slightly over the past 24 hours to $0.81 but had recovered 16% from the previous weekend’s low of $0.71 over a period of 5 days, according to data.
XRP Continues to Break Records
Open interest in derivatives for the asset has also seen a significant increase, with futures contracts remaining at high levels not observed since November 2021, according to Coinglass data.
Matt Long, the General Manager of APAC at FalconX, stated that “the company’s Asia-Pacific clients have maintained a positive outlook on XRP since last week”. He added that “there has been a growing demand for XRP OTC options among institutions, particularly for topside calls”.
This comes at a time when other major digital assets, such as bitcoin (BTC) and ether (ETH), have remained relatively unchanged over the past 24 hours. XRP, on the other hand, has increased by 71% over the past seven days, according to CoinGecko data.
The prices of various altcoins experienced a surge following the resolution of a three-year legal battle between the SEC and Ripple Labs, the stewards of XRP, in which it was determined that the programmatic sales of the asset on cryptocurrency exchanges were not securities.
This led to XRP’s strongest single-day performance since April 2017, when it rose by more than 200%, and its second-largest intraday rally in 10 years.
The token has also succeeded in securing the fourth position in the market capitalization rankings, surpassing Binance’s flagship token BNB for the first time in two years. XRP’s total market value is now $42.5 billion, compared to BNB’s $38 billion.
