XRPUSD Surges on Ripple's XRPL Adoption Plans

XRPUSD had a significant price surge over the weekend, breaking out of its long-term descending weekly channel and daily flag. The price rose around 7-8% to reach $1.49-$1.55, with a support level at approximately $1.38.

According to on-chain data, large holders have been accumulating XRPUSD during this time. Additionally, options-implied volatility indicates a premium for volatility, suggesting that the price may continue to fluctuate.

The surge in price was attributed to Ripple's announcement of asset managers and commercial projects planning near-term adoption of XRPL. This news sparked a notable intraday price rise for XRPUSD.

Short liquidations also played a role, with approximately $854M in shorts being liquidated as the price rose. Trading volume jumped 155% to around $7.4B, indicating a sharp surge in trading activity.