Key Takeaways
- XRP surged past $1.60, marking its highest price point in eight months, with a peak at $1.62.
- Total XRP ETF inflows have reached $1.73 billion through September 22.
- Futures open interest for XRP crossed $4.1 billion, surpassing both Hyperliquid and Zcash.
- Large-scale whale activity and new wallet registrations surged in tandem with the price movement.
- Four prominent Canadian financial institutions had previously piloted XRP technology for international transfers.
XRP price broke through the $1.60 threshold for the first time since early February, reaching as high as $1.62 during the trading session, based on Santiment analytics data.
Data from Santiment revealed 1,917 individual XRP transfers valued at a minimum of $100,000 each. This represents the most robust high-value transfer activity observed in approximately 30 days.
While these substantial transactions don’t necessarily indicate long-term accumulation by large holders, they demonstrate significant repositioning activity among major stakeholders during the upward price movement.
Network expansion metrics also showed positive trends. Santiment tracked the creation of 3,647 new XRP addresses, suggesting an influx of new users entering the ecosystem.
The broader XRPL infrastructure has also experienced growth. Combined tokenized assets and RLUSD holdings recently approached approximately $4.26 billion, while Ripple’s independent figures indicate roughly $2.4 billion of RLUSD currently circulating.
Institutional Investment and Derivatives Market Expansion
According to SoSoValue tracking, aggregate net capital flowing into XRP exchange-traded funds totaled $1.73 billion by September 22. During that single trading day, XRP spot ETFs captured $20.02 million in fresh capital, with Bitwise contributing $19.16 million of that figure.
Flow patterns have shown considerable variation recently. September 21 registered zero net movement, while September 18 witnessed $43.70 million in withdrawals and September 17 saw $5.15 million exit. September 16 delivered $3.50 million in positive flows.
Additionally, Bitwise submitted a revised XRP ETF registration document to the Securities and Exchange Commission on September 18.
In the derivatives market, XRP futures open interest surged to $4.1 billion within a 24-hour window, representing a nine-month peak. This positioning elevated XRP above both Hyperliquid and Zcash in terms of futures market engagement, per Coinglass data.
Trading volume in derivatives markets hit $9.4 billion, significantly outpacing the $2.2 billion recorded in spot transactions. CME futures open interest jumped over 16% within 24 hours to reach $756 million. Binance futures open interest increased 10% to approach $700 million.
XRP generated over $17 billion in aggregate liquidations during the 24-hour period, trailing only Bitcoin and Ethereum. Short position liquidations totaled $9.50 million, including one notable $5.09 million XRPUSDT liquidation on Binance.
Crypto analyst MikybullCrypto addressed the price momentum on X, suggesting XRP might experience a 51% surge following its recent breakout pattern.
Veteran trader Peter Brandt has offered a more extended projection. His analysis indicates XRP could climb to $5.40, with technical patterns suggesting a potential breach above $5 within the next year.
Banking Sector Trials and Market Environment
Four among Canada’s six largest banking institutions conducted XRP trials for cross-border interbank settlements back in 2016. The participating institutions included Royal Bank of Canada, Bank of Montreal, CIBC, and Scotiabank.
Subsequently, all six major Canadian banks have united to develop a collaborative tokenized deposit initiative for blockchain-based transactions. The initial rollout facilitates tokenized Canadian dollar movement among the six institutions, with plans to integrate the platform with additional digital asset infrastructures in subsequent phases.
The underlying technology powering this recent initiative remains unspecified, so any direct connection to XRP technology cannot be definitively established.
The wider cryptocurrency market experienced simultaneous recovery. Trump’s announcement regarding scheduled discussions with Iran during the United Nations General Assembly contributed to upward momentum across Bitcoin, Ethereum, XRP, and various alternative cryptocurrencies.
XRP’s current rally follows a mid-September deleveraging episode connected to the CLARITY Act vote, with prices rebounding from $1.30 to the current $1.62 peak.
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