Why is XRP Rising Today

XRP rises by approximately 3% on February 11, on track to record its best intraday performance in over a week.
The rise comes amid increasing chances of approval for an exchange-traded fund (ETF) focused on XRP in the U.S.
Ripple’s partnership with Unicâmbio supports the upward movement of XRP.

Increasing Chances of XRP ETF Approval Fuel Speculation

XRP’s price is trading in its second consecutive bullish session on the daily chart, as analysts see an increasing probability that XRP ETF applications will get the green light from the U.S. Securities and Exchange Commission (SEC).

Key Points:

• On February 10, Bloomberg ETF analysts Eric Balchunas and James Seyfart included XRP in their list of the most likely crypto ETF applications to be approved by the SEC.
• XRP ETFs have a 65% chance of approval, according to their publication on X (formerly Twitter) on Monday.

XRP ETF Applications Filed

Several asset managers, including CoinShares, Grayscale, 21Shares, Canary, and Bitwise, have already filed applications for XRP-based spot ETFs.
This signals strong institutional interest.
However, the SEC has not yet acknowledged these applications. XRP ETFs could achieve impressive performance if approved, and the growing likelihood of that is sparking speculation, as seen in the altcoin’s derivatives market.

Open interest in XRP futures has increased by approximately $290 million in the last 24 hours.
This indicates that more traders are opening leveraged positions in XRP, likely anticipating major price movements.

Cryptocurrencies, Ripple, SEC, XRP, Markets

XRP’s funding rates—the periodic payments between long and short traders in perpetual futures contracts to maintain price synchronization with the spot market—have turned positive.
This shift suggests that traders are paying to take long positions or betting on price increases.

Ripple’s Partnership with Unicâmbio

Today’s rise in XRP’s price could also be attributed to Ripple’s latest announcement that it is partnering with the Portuguese currency exchange Unicâmbio to support instant cross-border payments between Portugal and Brazil.

What You Should Know:

• The partnership will use Ripple’s payment platforms to make cross-border transactions faster and cheaper.
• It also aims to increase the efficiency of the process.
• This is Ripple’s first payment solution in Portugal, expanding the company’s presence in Europe.

“Our partnership with Unicâmbio is a significant milestone in Ripple’s expansion into Europe. Portugal has developed into a thriving crypto ecosystem, so we’re excited to roll out our payment solution to partners there,” said Cassie Craddock, Managing Director for the UK and Europe at Ripple, adding, “As the global cross-border payments market continues to grow, more institutions like Unicâmbio are turning to the benefits of blockchain technology.”