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XRP spikes after SEC crypto framework and ETF inflows
XRP trading volume climbed above $6 billion in 24 hours, helped by about $100 million in short liquidations over five days and net inflows of nearly $40 million into XRP-linked ETFs last week.
XRP has surged in recent sessions, after the U.S. Securities and Exchange Commission released what the report describes as a new regulatory framework for the crypto industry, and following Ripple’s invitation to attend President Donald Trump’s crypto summit at the White House. The article also links the rally to efforts to pass a Clarity Act this year, as described in the piece.
According to Yahoo Finance, XRP trading volume jumped to more than $6 billion in the past 24 hours, representing over 6% of the token’s circulating market cap. The rally was accompanied by five consecutive days of gains that triggered a short squeeze, with more than $100 million worth of XRP shorts liquidated over the prior five days.
The report adds that XRP-linked exchange traded funds took in nearly $40 million in net inflows last week and broke a two month downtrend. It also cites a sharp shift in sentiment, with the Crypto Fear and Greed Index moving from roughly 36 toward 79, near “Extreme Greed” territory, tied in the article to a dovish policy involving doubling U.S. Treasury buyback allocations starting in September.
On price action, the article says XRP surpassed a prior target level of $1.32 and moved above the 200 day exponential moving average, attributing the move to strong buying pressure. It also notes XRP futures open interest jumped, indicating increased participation as the move gained momentum.
Latest closeXRP $1.415 ▼1.3%