The XRP price today is experiencing a powerful surge, driven by a significant news event and strong on-chain metrics. Ripple’s joint filing with the SEC to dismiss all appeals has been confirmed by Ripple’s CLO, Stuart Alderoty. This news has sparked a market-wide rally, restoring investor confidence and fueling a bullish trend in XRP price today.
On-Chain Data Confirms This Bullish Momentum In XRP Price Today
The recent positive XRP news has been a massive catalyst for increased activity in both the derivatives and spot markets, as indicated by Santiment’s data. The total Open Interest (OI) for XRP has surged to an impressive $2.77 billion, signaling a influx of capital and leveraged positions betting on continued upside.
Additionally, the total funding rates have spiked from 0.004% to 0.01% in the last 24 hours, indicating strong market confidence. The rise in funding rates suggests that bullish traders are willing to pay a premium to maintain their long positions.
Furthermore, data from Santiment shows a significant uptick in accumulation this week, particularly among wallet addresses holding between 1 million and 100 million XRPs. This whale accumulation, combined with a retail FOMO trend, indicates that both large and small investors are buying into the post-lawsuit optimism.
Moreover, the number of active addresses on the XRP network has skyrocketed to 90.4K in just 24 hours, a significant increase from the week’s low of 42.8K. This surge in on-chain activity suggests growing utility and user engagement, which are crucial for sustaining the XRP price rally.
A New Chapter for XRP Price: Is $5 Next Target?
Following the end of the five-year legal battle, the XRP price has rebounded to $3.31, reaching levels not seen since early 2025. This surge came after a bounce off the 50-day EMA support at $2.75 in early August, marking a nearly 20% rise in a week and a 12% gain in intraday trading.
According to Ripple price predictions for August, experts are betting on $5.00 as the next likely target. This rally is part of an ongoing falling wedge breakout, which is poised to complete its pullback phase. Once the XRP/USD pair surpasses the $3.66 all-time high, a new chapter could begin with a significant new leg up.
In conclusion, the combination of positive news events, strong on-chain metrics, and market momentum has propelled the XRP price to new heights. With increasing investor confidence and growing utility, the future looks bright for XRP as it aims for higher targets in the coming months.