Defying the broader crypto market correction today, XRP price posted a 4% increase driven by strong technical indicators and key developments. This rally brings XRP's weekly gains to 17%, with daily trading volumes surging 182% to over $11 billion, hi

Following strong bullish action on Monday, XRP surpassed Tether to become the third-largest cryptocurrency, with its market cap shooting past $150 billion.

Cryptocurrency prices are broadly lower today, as broader risk assets continue to pullback from recent highs. However, one notable exception is XRP, which has managed to buck the trend and post a 4% gain over the past 24 hours.

This rally is being driven by strong technical indicators and key developments, which have pushed up XRP price by 17% over the past week. Daily trading volumes have also surged 182% to over $11 billion, highlighting robust trader interest in the altcoin.

Following strong bullish action on Monday, XRP surpassed Tether to become the third-largest cryptocurrency, with its market cap shooting past $150 billion.

Even though the Ripple cryptocurrency has undergone a partial pullback with today’s crypto market correction, XRP price is still trading 4% on the 24-hour chart to $2,47.

Moreover, XRP derivatives data from Coinglass shows that the XRP futures open interest is up 14.42% to $5.29 billion, while the XRP options volume is up 76%, showing strong trader optimism for a future rally ahead.

Blockchain analytics firm Santiment reported that for the first time in the 12-year-long history of Ripple, the XRP blockchain network has clocked 6.5 million users.

Three Factors Behind XRP Price Surge Today, As It Decouples From Broader Market Trend

According to a recent analysis by crypto analytics firm Santiment, the number of users on the XRP blockchain network has crossed 6.5 million for the first time in the 12-year history of Ripple.

This milestone comes amid a broader crypto market correction that has seen most major coins decline by double-digit percentages today. However, despite the broader downturn, XRP managed to rise by 4% in the past 24 hours.

As per the analysis, this decoupling of XRP from the broader market trend can be attributed to three key factors.

First, there has been a shift in the crypto market narrative, with less focus now on U.S. macroeconomic data and more attention on crypto-native technical indicators.

This is evident from the fact that when data showed a third consecutive decline in the U.S. manufacturing PMI, Bitcoin and most other major coins went down by double-digit percentages. But despite a larger-than-expected rise in U.S. service sector PMI and a fall in jobless claims, crypto prices showed some resilience.

Second, XRP price saw a strong rally on Monday, which pushed the altcoin past Tether to become the third-largest cryptocurrency, with its market cap shooting past $150 billion.

This rally was fueled by several factors, including the increasing adoption of blockchain technology, the launch of new crypto products and services, and the growing interest from institutional investors.

Third, XRP futures saw a surge in open interest by 14.42% to $5.29 billion, while XRP options volume also went up by 76%.

This indicates that traders are becoming more interested in XRP derivatives, which could lead to more volatility in the altcoin market.