XRP rally extends more than 50% in a week. Significant inflows from retail and institutional investors are driving the move.
Gemini co-founder Tyler Winklevoss shared “big news” on Monday. The announcement could trigger further upside momentum.
XRP rally boosted by Gemini news
Tyler Winklevoss revealed Gemini users can now deposit and withdraw XRP directly. This is available over the XRP Ledger network in Singapore.
“Big news for the Ripple Army in Asia,” he said. The move expands native XRPL support for Singapore-based customers. Singapore is one of Asia’s top financial centers and crypto hubs. The Monetary Authority of Singapore oversees this regulation.
Ripple recently joined Singapore’s MAS BLOOM initiative. The program tests its RLUSD stablecoin. The goal is to analyze whether stablecoins can speed up cross-border trade. They could replace slow, manual payment processes.
JPMorgan, Ripple, Mastercard, and Ondo Finance completed a cross-border transaction. They used XRP Ledger for tokenized treasury settlement. The USD was deposited to Ripple’s Singapore bank account.
XRP Ledger is undergoing a major shift. Tokenization and tradFi-crypto collaboration are growing. The network also announced XRP Ledger 3.3.0 upgrade. This brings major amendments to boost institutional adoption.
Price rally amid massive ETF inflows
XRP price jumped more than 2% in the past 24 hours. It currently traded at $1.52 before going back to $1.50. The 24-hour low was $1.45. The high reached $1.55.
Trading volume bounced by 15% over the last 24 hours. This signals strong momentum after the US Treasury plan. The Treasury is using its General Account for bond buybacks.
Spot XRP ETFs are witnessing strong inflows from institutions. Monday saw $13.82 million in inflows. XRP ETFs also recorded $97.24 million in trading volume. Bitwise XRP ETF led with $8.25 million in inflows.
Goldman Sachs re-entered XRP ETFs recently. It became the top holder again.
Derivatives market shows strength
XRP futures open interest climbed almost 6% to $3.73 billion. This happened in the past 24 hours. The 4-hour XRP futures OI also jumped nearly 0.30%.
CME saw a strong 18% surge. Nevertheless, Binance dropped 1.32% in the same period.