XRP Perpetual Futures Volume Data Indicates Massive Price Rally Above $1: Kaiko

After Judge Torres’ decision in the US SEC v. Ripple Labs lawsuit, XRP price gained 70% in just a few hours. Traders anticipate XRP price can hit $1 any moment as their positive sentiment remains strong. On-chain data and analysts point to a massive upcoming rally to make XRP price surpass its all-time high of $3.84, with partnerships across the world.

Crypto research platform Kaiko on July 27 reported that XRP perpetual futures volume-to-open interest ratio remains above average on most crypto exchanges. It indicates speculative interest remains higher on XRP price.

Read More: Ripple Partner Launches Internal Invoicing Solution, Can XRP Reach $1?

XRP Is The Top Traded Altcoin Of 2023

CoinGape Media earlier reported that XRP is the top-traded altcoin of 2023, with trading volume rising after Judge Torres’ summary judgment ruling in Ripple vs SEC lawsuit. Altcoins such as Dogecoin (DOGE), Solana (SOL), and BNB are other top traded after XRP.

In addition, the amount of XRP whale wallets holding 100 million+ coins is up to 199, matching the most wallets since May 13. Analysts even predict a 1000-2000% rally in XRP price as Ripple expands to other regions.

Ripple applied for licenses in the UK and Ireland to improve its global reach. Ripple CEO Brad Garlinghouse earlier said the community will remain committed to the US as its global hub. However, the lawsuit against the US SEC and Gary Gensler’s approach toward the crypto market led to most developments happening outside the US in the last two years.

XRP price jumped 2% in the last 24 hours, with the price currently trading at $0.71. The 24-hour low and high are $0.699 and $0.729, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating an interest among traders.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.