XRP price has not reacted positively to two significant bullish developments in 2025: a potential spot XRP exchange-traded fund (ETF) and favorable regulatory shifts, despite traders anticipating a rally to $3.50. Between March and May 2025, while the overall cryptocurrency market capitalization grew by 10%, XRP's value fell by 6%. The surge in XRP futures open interest, which reached $2.2 billion, suggests increasing trader interest but does not guarantee a bullish outlook, as traders may also bet against XRP's price. The SEC's October decision on the XRP ETF could be a key factor for future price action. Additionally, Ripple has been free from direct regulatory threats, yet skepticism remains due to US Senator Cynthia Lummis' refusal to engage with Ripple representatives. Despite these challenges, the potential for XRP to exceed its $3.25 all-time high persists, backed by the large futures open interest and rising leverage usage among traders.

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