Despite two highly bullish developments for XRP, including the SEC's potential approval of a spot XRP ETF and a significant increase in XRP futures open interest, the price has notably underperformed. As of May 22, XRP saw a 6% decrease over three months, against a 10% rise in the overall cryptocurrency market. The open interest in XRP futures surged to $923 million, indicating increased trading activity, although it could also suggest speculative positioning. This growth in demand, however, has not translated into immediate price gains, as traders anticipate regulatory decisions in October. Brad Garlinghouse, Ripple's CEO, called for more engagement with lawmakers to enhance the regulatory framework for crypto. Investors remain optimistic for a rally targeting $3.50, fueled by historical trends that often see price increases after favorable regulatory announcements. In summary, while the fundamentals and market sentiment favor a potential price increase, regulatory hurdles and speculative fears may be limiting XRP's short-term performance.

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