XRP ETF Momentum Pushes XRP into On-Chain Stratosphere

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, XRPs 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.

$ETH and $XRP funding rates have turned sharply positive - 0.0083% and 0.0093% respectively - the highest among top L1s.

This signals growing demand for long exposure, even as on-chain activity and sentiment remain mixed.

— glassnode (@glassnode) June 30, 2025

Even more striking is the on-chain confirmation. In the last 24 hours alone, XRPs on-chain volume surged by over 637% - far outpacing that of Ethereum and Solana.

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 XRPs 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.