why is XRP going up?

The price of XRP has shown an increase from July 10 to July 17. Ripple's XRPUSD is soaring to an all-time high, here's why: 1. **Appointing BNY Mellon as Custodian**: Ripple's decision to appoint BNY Mellon as the primary custodian for the RLUSD reserves has been a significant milestone. This move underscores Ripple's commitment to enhancing transparency, liquidity, and regulatory compliance in the digital asset space. 2. **Stablecoin Market Growth**: The stablecoin market is predicted to grow from $250 billion to $2 trillion, fueled by regulation and rising institutional demand. RLUSD, Ripple's U.S. dollar-pegged stablecoin, has crossed the $500 million market cap milestone and gained BNY Mellon custody, gaining traction amid this market growth. 3. **Genius Act and Crypto Regulation**: The advancement of the GENIUS Act by the US House has reignited momentum for US crypto regulation, positioning RLUSD favorably within the regulatory landscape. This legislative development has bolstered XRP's utility as a liquidity bridge between compliant digital assets. 4. **Institutional Interest and Partnerships**: Ripple's ongoing collaborations with institutions like BNY Mellon, SBI Holdings, and Tranglo have led to surging On-Demand Liquidity (ODL) volumes, deepening Ripple’s reach in forex and payments. 5. **Market Sentiment and Technical Breakout**: XRP has shown a notable surge in notional open interest for its perpetual futures contracts, hitting a record $8.8 billion. This, combined with a positive funding rate and bullish sentiment, signals a strong institutional interest. In summary, XRP's price surge is driven by a combination of factors including strategic partnerships, institutional interest, regulatory developments, and market sentiment. These elements have collectively contributed to XRP's rise to an all-time high. Crypto XRPUSD Percentage Change For Recent 2 Weeks Day By Day |code|Ticker|Name|Date|Percentage Change|market_code| |---|---|---|---|---|---| |XRPUSD|XRPUSD.UDC|Ripple|20250704|-1.6129|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250705|-0.12160000000000001|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250706|2.3943|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250707|-0.0044|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250708|1.7659|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250709|4.0202|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250710|5.9657|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250711|7.2700000000000005|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250712|0.26|UDC| |XRPUSD|XRPUSD.UDC|Ripple|20250713|3.53|UDC|