On Nov. 16, the XRP price reached $1 — a major milestone for the cryptocurrency. In addition, the market cap has surged 26.76% to $57.98 billion, while the trading volume has reached $13.13 billion.

Open interest in XRP derivatives has surged by 10.44%, reaching $1.56 billion, indicating increased speculative interest and possibly institutional involvement.

Crypto analyst Ali Martinez has spotted the recent XRP whale activity. According to him, over 320 million XRP were bought in the last 72 hours.

This rise follows a breakout from a symmetrical triangle pattern, often signaling significant price movements. Analysts note that XRP’s current trajectory resembles its performance in 2017, when its all-time high (ATH) reached $3.3.

The price surge might have been partially triggered by its listing on Robinhood. CryptoQuant’s exchange reserves metric suggests a growing belief in the coin’s long-term prospects.

Ripple Labs has also made progress in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), with a recent favorable court ruling and the approval of a joint motion for final judgment, adding further optimism to the market.

Beyond the legal developments, speculation about a dirham-backed stablecoin being developed by Ripple has also contributed to XRP’s price rise. This follows the launch of Ripple’s RLUSD stablecoin, which is fully backed by the U.S. dollar. 

In parallel, Bitwise announced plans to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF, which would include exposure to XRP.

Ripple CEO Brad Garlinghouse commented on the news via X, further fueling market enthusiasm.