XRP caps 2023’s highest daily close as rest of market sleeps

XRP has recaptured its highest daily close this year, a milestone initially set last week in response to a court verdict on Thursday

article-image

Migren art/Shutterstock, modified by Blockworks

share

A notable uptick on Wednesday for XRP, currently positioned as the world’s fourth most valuable crypto, rounded off a two-day run, and capped its highest daily close this year.

XRP has recaptured its highest daily close this year, a milestone initially set one week ago in  response to a judge’s ruling. The token briefly surged to an intraday high of $0.94, before correcting 28%.

As of 8:15 am ET, the asset is down slightly over the last 24 hours to $0.81, having clawed back 16% over 5 days from the previous weekend’s lows of $0.71, Blockworks Research data shows.

Derivatives for the asset have also exhibited a significant spike in open interest, with futures contracts remaining elevated at levels not seen since November 2021, Coinglass data shows. 

Matt Long, General Manager of APAC at FalconX told Blockworks that, beginning last week, the firm’s Asia-Pacific clients have continued to be “constructive on XRP.”

“We have seen increasing demand from institutions for XRP OTC options and, in particular, topside calls,” he said.

It comes as other major blue chip digital assets remain muted, including bitcoin (BTC) and ether (ETH) which remained little changed over 24 hours. XRP remains up 71% over the last seven days, CoinGecko data shows.

Prices of various altcoins surged following the decision on a three-year legal tussle between the SEC and Ripple Labs — stewards of XRP — that “programmatic” sales of the asset on crypto exchanges were not securities.

The development led to XRP’s most robust single-day performance since April 2017 — when the asset pumped more than 200% — and its second-biggest intraday rally in 10 years

The token also managed to clinch the fourth spot in the market cap rankings ahead of Binance’s flagship token BNB for the first time in two years. XRP’s total market value now stands at $42.5 billion, compared to $38 billion for BNB.

Bradley Duke, chief strategy officer at ETC Group, told Blockworks the “best altcoins” were those designed with a “clear vision” to address a problem or service a particular use case, calling XRP “a good example of this.”

But Ripple — and by extension XRP — is not out of the legal woods just yet, according to Bill Hughes, senior counsel at ConsenSys. “It seems like the SEC would be the more likely party to want to have this decision reviewed immediately,” said Hughes during a recent Twitter Spaces discussion with The Tie, noting that in practice, that could take a year or more.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Sponsored

The convergence of AI and blockchain on Polkadot represents a groundbreaking opportunity for investors and developers alike

article-image

The company is making public a previously private offer rejected by Bitfarms’ board of directors last month

article-image

Semler Scientific, a publicly traded medical tech company, joined MicroStrategy by buying up millions of bitcoin

article-image

As someone who’s been knee-deep in the trenches of blockchain development, I can’t help but wonder if these behemoths are really cutting it anymore

article-image

UNI and MKR are suffering from the successes of their respective protocols

article-image

Maybe there’s no silver bullet to avoiding most tokens dumping after launch…