XRP is back in the spotlight as investor demand surges, and the numbers finally reflect the hype. On Monday, the SEC officially approved a proposal to convert Grayscale’s Digital Large Cap Fund into a spot ETF, listing XRP alongside Bitcoin, Ethereum, Solana and Cardano.
The announcement followed a spike in speculative positioning and on-chain activity, propelling XRP to the forefront of the ETF narrative.
According to Glassnode, XRP’s funding rate has jumped to 0.0093%, the highest among all major layer 1s. This indicates that traders are willing to pay a premium to take a long position, suggesting growing confidence that the altcoin may soon get the long-awaited ETF approval.
At the same time, futures open interest has grown to $2.9 billion, suggesting that leveraged traders are loading up in anticipation of further gains.
Even more striking is the on-chain confirmation. In the last 24 hours alone, XRP’s on-chain volume surged by over 637% – far outpacing that of Ethereum and Solana.
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Although daily active addresses fell by 34%, this is not unusual during the early stages of accumulation, particularly when large investors and institutions are likely to be behind the move. Around 80% of XRP’s supply is still in profit, which limits the pressure to sell and paves the way for a tightening of the supply if demand continues to rise.
XRP is currently holding steady at around $2.18, having made a multi-month breakout. This week’s developments are giving XRP more than just short-term momentum.
Now that the ETF process is officially underway, the XRP market may see a shift from speculation to strategy.
