XRP Hits New All-Time High – Here’s Why the Price is Rocketing Today

Okay, here's a refined version of the article, focusing on clarity, flow, and removing potentially promotional elements, while retaining the core information and the placeholder if it existed in the original (it didn't, but I'm prepared for it):

XRP Surges to $3.66 Following Stablecoin Regulation Developments

Approval of the Stablecoin Innovation and National Uniform Standards (GENIUS) Act fuels momentum for Ripple and bolsters investor confidence across the cryptocurrency market.

XRP futures experience a surge as traders anticipate further bullish price action.

XRP experienced a significant surge, reaching a new high of $3.66 on Friday, July 18th, during the early North American trading session, marking a notable intraday rally of 7.82 percent. This upward movement was fueled by increased investor confidence, amplified market activity, and positive regulatory developments in the United States.

The daily trading volume for XRP saw a substantial increase of 102 percent, reaching approximately $23.2 billion. This surge propelled the token's fully diluted market capitalization to nearly $345 billion, positioning it as a top performer within the cryptocurrency space.

Amidst increasing volatility, over $66 million in XRP leveraged positions were liquidated on major exchanges. Data indicates that approximately $48 million of these liquidations were from short positions, suggesting a strong bullish sentiment prevailing in the market.

GENIUS Act Approval Sparks Bullish Sentiment

The surge in XRP's price closely followed the US Congress's approval of the Stablecoin Innovation and National Uniform Standards (GENIUS) Act. With a regulatory framework for stablecoins established, the bill is expected to be presented to the President for signature.

This development is considered a potentially pivotal moment for Ripple, potentially facilitating the establishment of Ripple USD (RLUSD) and the expansion of its operations within the United States. The clarification of regulatory oversight is also driving renewed investor interest in XRP.

Derivatives Market Data Indicates Strengthening Bullish Bias

Activity in the XRP futures market has mirrored the price movement. According to Coinglass, XRP's Open Interest recently surpassed $10 billion, indicating a significant influx of speculative capital and increased market participation.

Furthermore, the funding rate for XRP has remained consistently positive in recent weeks. This indicates that traders are willing to pay premiums to maintain long positions, generally viewed as a sign of confidence in a continued upward trend.

There is also anticipation that the ongoing legal proceedings between Ripple and the US SEC may be nearing a resolution. Consequently, more institutional investors may be increasing their exposure to XRP to mitigate potential risks or allocate treasury funds.

Ethereum's rise above the $3,400 resistance level and Bitcoin's declining dominance have further contributed to the overall positive sentiment in the altcoin market. Financial analysts suggest that XRP is well-positioned to benefit from renewed capital inflows into alternative digital assets.

Conclusion

XRP's rise to a new high of $3.66 is driven by a combination of favorable regulatory progress, robust market indicators, and growing institutional interest. As regulatory clarity increases and trading activity expands, XRP continues to attract significant bullish attention within the cryptocurrency landscape.