Ripple’s cryptocurrency XRP is up nearly 10% in 24 hours as a surge in daily volume and open interest sees bulls close in on a new all-time high.

XRP (XRP) is rallying amid a shift in crypto regulation in the U.S., as well as macroeconomic conditions favoring risk assets that have equities trending at all-time highs.

Ripple is also riding a wave of optimism as anticipation around spot exchange-traded funds mounts, with XRP ETFs among those seen as having a strong chance of approval by the U.S. Securities and Exchange Commission.

Other developments, like major partnerships, broader adoption and licenses have provided a confluence of positive catalysts.

Rally puts XRP on verge of new peak

The XRP price hovered near $3.26 at the time of writing on July 17, 2025.

With close to 10% in intraday gains extending the cryptocurrency’s upside momentum, excitement across the XRP community was palpable. Much of the enthusiasm stems from XRP nearing its highest level since peaking at $3.40.

Gains against the Bitcoin (BTC) pair suggests bulls may finally break the long term supply wall. Bitcoin’s slowdown after hitting new all-time highs above $123k has allowed Ethereum to break above $3,400 and other top altcoins to eye key resistance levels.

XRP price has notched 37% upside in the past week, putting bulls in control. Meanwhile, daily trading volume has increased by more than 120% to $12 billion, signaling strong bullish sentiment.

According to price data, XRP is just shy of its all-time high, currently less than 10% off its peak. Notably, the cryptocurrency’s value is up more than 120,000% from its all-time low.

Meanwhile, XRP’s market capitalization has surged to $192 billion, putting the cryptocurrency on the verge of the $200 billion milestone.