• XRP crossed $3.01 with a 24-hour appreciation of 1.51%, aiming for $8 target.
• XRP market cap is $179.23 billion, the volume of trade is $6.11B, and dominance is nearing 4.52%.
• XRP derivatives open interest increased 3.33% to $8.23B and the volume decreased by 24.94%.

XRP has surged past $3.01, marking a 1.51% gain in 24 hours, fueled by its breakout from a six-year macro pattern. As the upmove continues towards $8.00 targets, it comes amid mixed fundamentals of negligible XRP Ledger adoption and increasing ETF-led market interest.

The 24-hour volume for XRP is $6.11 billion, and the market cap is $179.23 billion with a market share of 4.52%. The crypto coin is gaining attention as it appears to be gearing up for a renewed bull run.

XRP Breaks 6-Year Macro Structure

XRP has entered a new bullish phase after breaking out of a macro structure that held for over six years, according to crypto analyst CRYPTOWZRD. In a recent post, the analyst highlighted that the breakout signals the start of a potential significant uptrend for the cryptocurrency.

Bull targets for XRP were set at $2.70, $4.50, and $8.00, reflecting investors confidence. The analyst emphasized that such an overdue breakout could attract renewed interest among retail and institutional buyers and drive the volumes of trading even more.

Ripple’s RLUSD Surpasses $700 Million in Assets

In the fundamentals, the data from DeFiLlama shows that the Ripple RLUSD stablecoin has only just passed $700 million worth of assets. However, nearly 90% of its issuance occurs on Ethereum and therefore limits the use of the XRP Ledger protocol itself. In addition, XRP Ledger itself only covers 2% of the tokenized real-world assets, such as Avalanche, Stellar, and Aptos.

The XRP Ledger value locked (TVL) remains at around $100 million, which is far lower than the top DeFi platforms. That highlights problems associated with adoption that can make or break XRP’s holding onto gains when the euphoria associated with short-term ETF hopes and market hype dies down.

Despite such concerns, the split of a long-standing configuration and rising market activity have kept the interest of investors firmly on XRP. Analysts note that if momentum continues, the cryptocurrency could approach its higher targets, potentially sparking a renewed wave of buying interest.

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Rising Open Interest Boosts XRP Derivatives Activity

XRP derivatives are seeing diverging signals across the market. Open interest went up by 3.33% to $8.23B, showing traders are establishing new positions and showing renewed interest notwithstanding the severe drop seen in trading volume, which dropped by 24.94% to $4.95 billion.

Options volume also reflects such diverging sentiment, as the volume of options dropped by 6.23% to $2.88K and options open interest jumped by 14.97% to $1.02M, reflecting increased investor holding contracts for the longer-term. The OI Weighted is 0.0100%, an incredibly small number which shows the risk-aversity of the leveraged investors. 

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