XRP Price Outperforms Bitcoin, ETH, SOL In Key These Metrics

Ripple Labs Inc.’s associated digital currency, XRP, is currently the leading cryptocurrency in future volumes. However, can these developments aid XRP price growth? Let’s deep dive into XRP price action and what to expect from it going forward.

Notably, XRP is leading Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) in a few key metrics, suggesting its rapid growth rate.

XRP Outpaces BTC, ETH, and SOL in Futures Volume

According to data from Glassnode, XRP’s futures volume surged 78% over the past seven days.

With this figure, XRP maintains its lead against Bitcoin’s 68%, Ethereum’s 58%, and Solana’s 58% increase.

XRP’s lead in this metric is particularly noteworthy, given that Bitcoin has long been the dominant player in the field.

Perpetual futures are a type of derivatives contract that allows traders to speculate on the future price of a crypto without an expiry date.

These instruments are integral to the liquidity and price discovery of the crypto market.

The weekly increase across the top cryptocurrencies marks a reversal from the past month when futures volumes declined steadily.

XRP’s leading the pack suggests that institutional money flows are shifting.

This shift in market dynamics comes as XRP’s price increased 2.9% over the past 24 hours.

Furthermore, XRP’s market capitalization has soared above $100 Billion, establishing it as a major contender in the crypto space.

XRP Supply in Profit Sees Major Boost

Besides futures volume, XRP has also excelled in another metric.

According to Glassnode data, XRP has retained the majority of its supply in profit despite recent drawdowns.

The data shows that 81.6% of XRP’s total supply is currently in profit.

Tron (TRX) is the only cryptocurrency that outpaced XRP in the supply and profit metrics.

The Justin Sun-backed token has seen an increase of 84.6% over the past week.

Meanwhile, Ethereum and Solana saw the steepest declines in unrealized profits among major profiled digital currencies.

Consequently, a bulk of ETH and SOL holders are currently underwater.

The “supply in profit” refers to the total number of currently profitable coins in a network.

Simply put, their price is higher than when they were last moved.

When a coin’s profit supply dips below 50%, it usually indicates a market bottom. This has proven true on numerous occasions.

Conversely, anything above 95% signals a market top. It is nearly impossible to remain unprofitable when an asset moves closer to new highs.

Therefore, the market anticipates that XRP will rally to new highs soon, drawing on this Glassnode metric.

Boosts Within the Ripple Ecosystem Good for XRP Price?

Analysts attribute XRP’s bullish performance across key metrics to several developments in the Ripple ecosystem.

Chief of these factors is the launch of the first XRP Exchange-Traded Fund (ETF) in the US.

The leveraged product offered by Teucrium will deliver twice the daily performance of XRP.

Meanwhile, over a dozen firms, including Canary Capital, Bitwise, Grayscale, and 21Shares, have filed spot-based XRP ETF filings with the US Securities and Exchange Commission (SEC).

The closure of the Ripple vs SEC legal battle also contributed to optimistic sentiments around XRP as an asset.

Ripple Labs confirmed the dismissal of the case last month, pegging the coin as a non-security according to the regulator’s statutes.

The firm further stated that it has dropped its counter-appeal but will pay $50 Million, down from the initial $125 Million fine.

Drawing on its broader Binance, a crypto exchange projected that XRP could reach a price of $600, citing increased institutional adoption and potential regulatory clarity.