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Bullish momentum around the XRP ecosystem has seen it record significant milestones in market cap, new users, trading volume, and open interest.
The XRPL native token has been one of the best-performing crypto assets in the past month. Macroeconomic boasts and imminent innovations in the XRP ecosystem have spurred an almost fourfold increment in the past 30 days.
On Monday, XRP returned to the top three cryptocurrency rankings by market cap, surpassing notable assets like Solana and Tether’s USDT. The rapidly growing asset surged to a six-year high today, hitting a market cap of $140 billion.
In few Hours $XRP Flips Solana and USDT To Take Back Third Spot and become world third largest crypto. pic.twitter.com/Udwsn5utZs
— TheCryptoBasic (@thecryptobasic) December 2, 2024
XRP Hits New ATH in Market Cap
Meanwhile, data from CoinMarketCap also shows that XRP’s over $140 billion market cap is its largest ever. The digital asset has surpassed its $128 billion market cap peak in 2018 to set a new record.
XRP Marketcap makes a New ALL TIME HIGH.
XRP Marketcap now at 140B$$.
XRP price, 2.46$$ pic.twitter.com/ZeDUu0X7lO
— TheCryptoBasic (@thecryptobasic) December 2, 2024
Notably, the milestone came following the recent massive market cap gain. Analyst Kyren pointed out that XRP gained a $50 billion market cap in the past three days, fueling the unprecedented valuation attainment.
However, the asset remains 58.6% away from a new price all-time high. XRP reached an ATH of $3.84 per coin in January 2018 and has failed to breach the price level since then.
XRP On-chain Activities Show Bullish Momentum
Meanwhile, XRP has sustained the ongoing bullish momentum. Its on-chain metrics suggest further uptrend amid growing traction among market participants.
Per CoinMarketCap, the XRPL native token has a 24-hour trading volume of $28 billion, the fourth largest in the crypto ecosystem and the third-largest excluding stablecoins. Meanwhile, XRP’s volume is less than $3 billion away from Ethereum’s and $14 billion away from Bitcoin’s, reestablishing its dominance in the crypto market.
Furthermore, data from XRPScan indicates that the number of wallet activations on the XRP Ledger has surged ten times over the last three months. This suggests that interest in the XRP ecosystem has surged significantly amidst growing bullish sentiments.
Notably, Vet, an XRPL dUNL validator, confirmed the Ledger is experiencing “unreal traffic.” He noted that nearly 1,000 new users register on the XRPL network every hour, with the trading platform First Ledger processing $40 million two days ago.
XRP’s Derivative Data Explodes
Notably, XRP’s multi-year price uptick and flourishing ecosystem have increased market participants’ appetite for leveraged trading. Data from Coinglass shows that 24-hour derivative trading volume has surged to $46.37 billion, up over 138% from the previous day.
Open interest—a metric that measures the value of active positions on an asset at a given time—has surged to unprecedented levels. The bullish derivative indicator stands at $4.26 billion, XRP’s lifetime peak.
XRP Derivative DataMeanwhile, market spectators remain keen on higher XRP prices. For instance, Edoardo Farina, the CEO of Alpha Lions Academy, argued that $10 per coin is just the beginning for XRP. He insisted that any holder selling at the psychological price mark would rue the move.
In the meantime, XRP trades at $2.41, up 29% in the past 24 hours.