XRP sustains rally with $1.38B 24-hour volume, leading Coinbase trading

XRP has surged to a 24-hour trading volume of $1.38 billion on Coinbase, briefly claiming the top position by volume on the platform. XRP’s price reached $3.54, an increase of 12.38% over 24 hours and 36.79% over seven days. Its market capitalization has surpassed $216 billion to become the third-largest digital asset, overthrowing Tether (USDT).

According to CoinMarketCap data, XRP trading rose largely because of activity in South Korea and the United States. The South Korean leading crypto-trading platform Upbit had XRP involved in over a third of its operations.

A spike in derivatives activity has accompanied the explosive momentum. XRP’s futures market registered a daily volume of more than $48.44 billion and a new high open interest of $10.98 billion.

The move was greatly facilitated by the liquidation of $73.17 million short positions compared to 29 million longs, further pushing the price upward. The daily trading volume of XRP increased by more than double to $22.5 billion across the broader market.

Crypto analyst Dom pointed out significant spot market activity in the U.S, with considerable buying pressure seen on large exchanges such as Coinbase and Kraken. Dom stated, “There’s a clear influx of retail traders. The low price of the Ripple token creates a unit bias, making it more appealing psychologically.” 

U.S. House crypto bills spark regulatory clarity

A breakout came shortly after the U.S. House of Representatives passed two prominent cryptocurrency bills. The GENIUS Act and the Digital Asset Market CLARITY Act garnered robust bipartisan support, as they offer explicit regulations on stablecoin support and regulation. The two bills eliminate the legal uncertainty with which XRP has historically been treated to being a security under the American securities law.

The GENIUS Act requires stablecoin issuers to have one-to-one dollar reserves and increases transparency standards. The CLARITY Act clarifies jurisdiction provisions involving digital assets between the SEC and CFTC. These developments create a favorable environment for tokens like XRP that have faced prolonged litigation and regulatory hurdles.

Given that Ripple has had its fair share of classification challenges in the past, especially by the SEC, such a level of clarity serves as a game-changer, which can open up more on-chain liquidity and infrastructure coverage in the regulated areas.

Banking ambitions and ETF outlook lift sentiment

Ripple’s recent filing for a U.S. banking license and Federal Reserve master account signals a broader push into the regulated financial system. The approval would allow Ripple direct access to federal payment networks, which could see Ripple as a settlement layer in cross-border payments.

At the same time, institutional demand is increasing. VivoPower and Webus disclosed intentions of purchasing $421 million in XRP in an attempt to diversify their treasuries. The entry of large buyers is amplifying the bullish pressure.

The prospect of a U.S.-listed spot XRP ETF has also raised market interest. Polymarket traders believe there is an 85% chance that the SEC will approve such a product in 2025.

The successes of spot Bitcoin and Ethereum ETFs have brought more credibility to the prospects of XRP, as regulatory clarity gains ground. XRP has experienced a huge change in positioning, with President Trump giving the crypto sector his support and large-scale legislative impetus, which was witnessed during “Crypto Week.”

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