Macro Rally Pushes XRP Past $1, Driven by Whale Accumulation and SEC Proposals
The recent surge in XRP's price can be attributed to a broader macro-driven rally in the crypto market, rather than any specific Ripple-related announcement. This rally was sparked by several key headlines, including the U.S. Treasury's decision to double its bond buyback operations and the SEC's proposed 'Regulation Crypto Assets' framework.
According to data from CoinMarketCap, XRP rose 5.36% over the last six hours, outperforming Bitcoin in a rally that saw major altcoins gain around 8.7% over the same period. The total crypto market capitalization climbed by 8.4%, while total 24-hour trading volume more than doubled.
XRP was already poised for a breakout above the $1 level, with 'whales' accumulating over 642 million tokens from early August to mid-month. On-chain activity also increased, with daily XRPL transactions reaching around 885,000 to 1.15 million and transfers over $1 million up by 280%.
Derivatives open interest expanded significantly, with total open interest reported near $455 billion and up over 13% in a day. This led to a liquidation event that saw more than $1.2 billion in leveraged positions liquidated in roughly an hour, with XRP reclaiming the $1 level.