XRP News Today: XRP Surges 80% Profitable Supply Outpaces Ethereum 61%

XRP has distinguished itself in the cryptocurrency market, with 80% of its supply now profitable, outpacing Ethereum, which stands at 61%. This disparity suggests a stronger conviction among XRP holders, reflecting a more bullish investor sentiment compared to Ethereum. The heightened profitability of XRP indicates that investors are more optimistic about its future prospects, which could potentially attract increased interest and investment.

Investor confidence in XRP is further bolstered by positive derivatives open interest (OI) within the XRP ecosystem. According to Coinglass data, XRP derivatives OI currently stands at $4.20 billion, reflecting a 4.95% increase. Open interest in derivatives is a crucial metric for gauging market sentiment and activity, as it represents the total number of outstanding futures or options contracts that have not been settled. Positive XRP open interest signals rising market interest and increased capital inflow from institutional investors, indicating a growing appetite for the cryptocurrency.

Market analyst Lingrid suggests that XRP may be in a stealth accumulation phase, which could lead to a sharp upward move to the zone between $2.30 and $2.35. Lingrid noted that XRP dropped into the IMB zone and quickly bounced, defending the key support level between $2.00 and $2.05. The chart shows a potential accumulation structure forming after a falling wedge breakout, with the price beginning to coil toward a higher low. A series of higher lows is instrumental in confirming an uptrend, as each pullback ends at a price higher than the previous one. At the time of this writing, XRP was up by 1.9% in the past 24 hours to trade at $2.29.

Meanwhile, the path to a spot XRP exchange-traded fund (ETF) is becoming clearer as Ripple moves to end its nearly five-year legal battle with the United States Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse confirmed the company will drop its cross-appeal, signaling that a final resolution is near. This development could further boost investor confidence in XRP, as it would provide a more regulated and accessible investment vehicle for the cryptocurrency.

In summary, XRP's recent performance in the cryptocurrency market is noteworthy, with 80% of its supply now in profit. This development is driven by stealth accumulation and the cryptocurrency's growing adoption by financial institutions. As XRP continues to gain traction, investors are targeting new highs, indicating confidence in its long-term potential. However, investors should remain cautious and conduct thorough research before making any investment decisions, as the cryptocurrency market is highly volatile and prices can fluctuate rapidly.