- XRP price climbed 24% to a 16-month high, now trading at $1.16.
- The XLS-66D upgrade on XRP Ledger boosts functionality, driving institutional interest.
- Open interest in XRP futures hit an all-time high, signaling strong market activity.
XRP surged 24% within the last 24 hours, reaching $1.16 after briefly touching a 16-month high of $0.8479 earlier this week. Data from TradingView also revealed significant weekly and monthly gains of 33% and 150%, respectively, for XRP, as the broader crypto market showed only minor fluctuations.
The overall cryptocurrency market cap saw a modest 1.2% increase to $3.09 trillion, with Bitcoin rising 1.3% to $91,488. In contrast, Ether recorded a slight decline of 0.1%, settling at $3,126.38.
XLS-66D Upgrade Fuels XRP’s Growth
The recent price surge is attributed to advancements on the XRP Ledger (XRPL), particularly the approval of the XLS-66D amendment. This upgrade enhances XRPL’s capabilities to manage tokenized assets, support multicurrency transactions, and facilitate institutional financial operations. Blockchain researcher Collin Brown highlighted its introduction of features such as uncollateralized loans and new compliance measures, which strengthen XRP’s appeal to financial entities.
Ripple has further strengthened XRP’s use case as a bridge currency by collaborating with central banks, payment providers, and other financial institutions globally.
Source: TradingView
Record Open Interest Reflects Market Optimism
XRP-tracked futures experienced a surge in open interest, rising to a record $2.13 billion on November 18. This represents a 77% increase in just one day, signaling heightened market participation. Analysts see the rising open interest, alongside the XLS-66D upgrade, as a clear indicator of strong bullish sentiment for XRP.
Technically, XRP has broken out of a multi-year consolidation pattern. Its price surpassed the resistance line of an asymmetrical triangle at $0.5980, supported by the 200-day simple moving average. Analysts now point to potential targets of $1.40 and $1.65, with a long-term aim of $1.96, last seen in April 2021.
However, with XRP’s relative strength index at 78, indicating overbought conditions, market watchers expect the possibility of a short-term correction. Any pullback could see support levels tested at $0.52 and $0.57, where buying interest is anticipated to remain strong.
