Ripple (XRP) Price Prediction: Increasing Interest in Derivative Markets, US "Crypto Assets Week" Expected to Break Historical Highs

Ripple (XRP) is currently reported at 3.0185 USD during the Asian early trading session today (17), once again standing above the 3 USD threshold. As the upward trend reappears and is expected to break through the 3 USD short-term resistance level, market focus quickly shifts to the historical high of 3.40 USD set in January.

The United States "Cryptocurrency Week" May Drive XRP Pump

U.S. President Trump intervened on Wednesday, seeking to revive momentum for cryptocurrency legislation. Previously, the House of Representatives voted against the bill with 196 votes to 222 on Tuesday.

President Trump stated that 11 out of the 12 House representatives he met agreed to support the "GENIUS Act," which paves the way for establishing regulations for stablecoin.

Members of the House of Representatives are expected to discuss the "CLARITY Act" and the "Anti-Central Bank Digital Currency ( CBDC ) Surveillance State Act" during the ongoing "Crypto Week."

The passage of these bills will establish a clear framework that promotes the adoption of cryptocurrencies while protecting investor interests, positioning the United States at the forefront of innovation in the cryptocurrency industry. U.S. President Trump believes that this key legislation will help the United States become the world's cryptocurrency capital.

House Representative French Hill told CNBC on Wednesday that the House has secured enough votes to pass all three cryptocurrency bills, including the GENIUS Act that was passed by the U.S. Senate in June.

Hill said, "I believe the House has voted on these three measures, and the Speaker is looking into how to coordinate these measures and submit them for consideration by the House this morning."

Considering that the company has issued two types of tokens, XRP and RLUSD stablecoin, cryptocurrency companies like Ripple can greatly benefit from the passage of the GENIUS Act and the CLARITY Act.

Ripple has been committed to expanding its stablecoin and Ripple Payments infrastructure in the United States, Europe, and Asia. RLUSD is a regulated stablecoin designed for institutional users, aimed at serving as a bridge between the digital asset economy and the traditional financial system. Ripple Payments is a platform that primarily utilizes XRP for cross-border value transfer.

At the same time, investors' interest in XRP has remained steady over the past few weeks, with the open interest (OI) of futures contracts increasing from $3.54 billion on June 23 to $7.9 billion at the time of writing.

(Source: Coinglass)

However, the trading volume of the derivatives market has decreased by 45% in the past 24 hours, to $13 billion, reflecting the instability after a rapid drop to the $2.80 support level following the breakout above $3.00 on Monday. The sluggish trading volume indicates a reduction in market activity, which could hinder the stable rise of XRP prices.

(Source: Coinglass)

On the other hand, the adoption rate of XRP is continuously increasing, and the number of new addresses is clear evidence of this. After a sharp decline to 2,752 on April 19, the number of XRP addresses has reversed the downward trend. Glassnode's new address metrics show that the average number of new addresses joining the XRP ledger on Monday was 8,690. If this trend continues, it will indicate a significant increase in the adoption rate and demand for XRP, which may further drive up the price of XRP, setting a new historical high.

(Source: Glassnode)

XRP Price Outlook

FXStreet analyst John Isige stated that the XRP price is well above key moving averages, including the 50-day Exponential Moving Average at 2.37 USD, the 100-day EMA at 2.30 USD, and the 200-day EMA at 2.16 USD. All of these averages support a bullish outlook and may become support levels in the event of a trend reversal.

The Moving Average Convergence Divergence (MACD) indicator has strengthened the bullish structure, maintaining a buy signal since June 28. As long as the blue MACD line stays above the red signal line, traders can keep their positions.

A breakout and close above $3.00 will solidify the bullish outlook and increase the likelihood of a breakout to the historical high of $3.40.

Nevertheless, due to the Relative Strength Index (RSI) being in an overbought state at 81, cautious operations are advised. Typically, an RSI reading above 70 indicates that the market is overheating, and a trend reversal may occur. Therefore, if the RSI falls below 70, the price of XRP may retrace the pump to the 50-day moving average support level of $2.37.

(Source: Trading View)