XRP opened Thursday at $3 but slightly retraced. It recovered afterward and shot up, breaking through several levels.
One such is the $3.30 resistance. The 2-hour chart shows that the altcoin experienced notable rejection around this mark on multiple occasions. It tested the mark at around 10:00 UTC but failed to break it. It made another failed attempt at the mark six hours later with limited success.
However, it broke and peaked at $3.40. The third-largest coin had one of its most significant surges between 20:00 and 22:00 UTC. It achieved a new all-time high, surpassing its previous record. It’s new ATH stands at $3.55 at the time of writing.
Trading volume, undoubtedly, is playing a significant role in the current surge. CoinMarketCap reveals that buying and selling surged by almost 100%. XRP is up by 14% on Thursday. Its market cap exceeds $200 billion based on its current price.
The latest milestone garnered notable reactions from investors, with most expressing joy. However, there are several speculations about its next price action, with some suggesting further increases in the coming days.
Why Is XRP Up?
Recently, the US President pushed a bill that will offer the crypto industry greater acceptance into the American economy. However, the Senate had previously voted against the GENIUS and CLARITY Act, but a little persuasion led them to overturn their decision.
The House voted and passed both bills. Most crypto investors are excited about the latest event, noting its benefit for the crypto market.
XRP holders are particularly excited about the recent decision, as it would represent a significant advancement for Ripple. The native coin will see a trickle effect from project improvements.
Brad Garlinghouse lauded the bills, saying: “The signing of the GENIUS Act cements the US’s future in being a leader in truly innovative financial technology – stablecoins.”
Data from Coinglass indicated that the derivative market was bullish prior to the milestone. Long positions accounted for more than 51% of open trades in the last 4 hours.
Liquidation data shows that traders lost almost $35 million. Short positions accounted for more than 80% of the total losses during the same period.
