2024

Solana

Elon Musk

Analysts warn Ripple’s native XRP token may be experiencing a “leverage-driven” pump as the price of the asset soars to reach levels not seen since 2021.&nbsp;
In a Dec. 1 <a data-ct-non-breakable="null" href="https://x.com/JA_Maartun/status/1862537501400822085" rel="null" target="null" text="null" title="null">post</a> on X, CryptoQuant analyst Maarten Regterschot said that open interest in XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="https://cointelegraph.com/xrp-price-index">XRP</a>) had spiked massively in the last 24 hours and warned that sharp upticks could result in quick sell-offs. Open interest is a measure of open derivatives positions.
“Open Interest is up 37% already — watch for volatility. The last similar event led to a -17% drawdown,” said Maartuun.&nbsp;
“Stay sharp, manage risk accordingly.”
<figure>
 <img alt="XRP" src="https://s3.cointelegraph.com/uploads/2024-12/019384fb-6606-74e5-ac87-e4c84899eb68" title="">
 <figcaption style="text-align: center;">
 Source: Maarten Regterschot
 </figcaption>
</figure>
According to <a data-ct-non-breakable="null" href="https://www.coinglass.com/currencies/XRP" rel="null" target="null" text="null" title="null">data</a> from CoinGlass, open interest in <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-is-ripple-a-beginners-guide-for-understanding-ripple" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/what-is-ripple-a-beginners-guide-for-understanding-ripple">XRP</a> has skyrocketed 30% in the last 24 hours to reach a total of $4 billion across major exchanges and trading platforms.&nbsp;
At the time of publication, XRP was changing hands for $2.39, up a staggering 68% in the last month, per TradingView data.&nbsp;It is up nearly 370% in the last year. 
<figure>
 <img alt="XRP" src="https://s3.cointelegraph.com/uploads/2024-12/019384fb-ae8f-7acb-a568-3bbae43d7aeb" title="">
 <figcaption style="text-align: center;">
 XRP has gained nearly 70% in the last week. Source: TradingView&nbsp;
 </figcaption>
</figure>
XRP began rallying alongside major crypto assets, including Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) and Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>), following Donald Trump’s US presidential election victory on Nov. 5, but XRP has begun to outperform other major tokens.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/xrp-price-chases-2-after-bull-flag-breakout-leads-to-new-2024-highs" rel="null" target="null" text="null" title="null">XRP price chases $2 after bull flag breakout leads to new 2024 highs</a>
On Dec. 1, XRP <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ripple-xrp-flips-solana-market-capitalization" rel="null" target="null" text="null" title="null">flipped by Solana</a> by market capitalization and has since surged past Tether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="null" target="null" text="null" title="null">USDT</a>) as well, making it now the third-largest crypto asset by total value.&nbsp;
XRP’s outsized<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/xrp-price-43-month-highs-rally-over-now" rel="null" target="null" text="null" title="null"> price performance</a> comes amid a growing number of key partnerships, new <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/xrp-wallets-a-beginners-guide-to-storing-xrp" rel="null" target="null" text="null" title="null">product developments</a> from Ripple Labs, the possibility of an XRP ETF, and unsubstantiated <a data-ct-non-breakable="null" href="https://x.com/vandell33/status/1848202720668172391" rel="null" target="null" text="null" title="null">rumors</a> that Elon Musk would make a sizable investment into XRP and Ripple.
Asset manager 21Shares <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/xrp-etf-21shares-sec-listing-trading" rel="null" target="null" text="null" title="null">filed for an XRP ETF</a> on Nov. 1, 2024, raising investor expectations that the Securities and Exchange Commission (SEC) — which likely will be under new leadership from January 2025 — will approve the ETF applications.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-four-years-grow-cant-be-shut-down-kain-warwick-infinex/" rel="null" target="null" text="null" title="null">Crypto has 4 years to grow so big ‘no one can shut it down’ — Kain Warwick, Infinex</a>

Analyst warns of ‘leverage driven’ XRP pump as token flips Tether

Cointelegraph

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