XRP rose 5.5% to $2.19 in the last 24 hours, after a series of catalysts converged to help cryptocurrencies surpass the broader cryptocurrency market.
One of the catalysts was the launch of Robinhood's XRP Micro Futures. With this agreement, traders bet that they are hedging their current position given the future price direction of cryptocurrency and their small size.
The fog of regulations has also faded. On Friday, Ripple rescinded its crossing in a long-term U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple over XRP sales in 2020, alleging these violations of securities laws. The SEC is expected to withdraw its own appeal, leaving behind last year's ruling and ordering Ripple to pay the SEC a civil penalty of $125 million. The move could lift the lid that kept some investors on the sidelines.
On-chain data concluded the bullish setup. The XRP ledger has recorded 1.1 million active addresses over the past week, according to Crypto analyst Ali Martinez, who cited GlassNode data.
The rise in XRP has led to the wider Coindesk 20 (CD20) index rising 1.7% over the last 24 hours, outperforming the wider crypto market.
