- XRP surged over 12% in 24 hours, outperforming Bitcoin and becoming the top gainer among major cryptocurrencies.
- Open interest hit $7.2 billion, nearing its six-month high as traders grow bullish on XRP’s potential.
XRP is making waves again, outperforming Bitcoin in daily gains and drawing attention from traders and analysts alike. While Bitcoin continues its historic rally, Ripple’s native token has quietly surged by over 12% in just 24 hours, becoming the top-performing altcoin among the top 10 cryptocurrencies by market cap.
XRP Strong Rally Signals Renewed Interest
According to CoinGecko, XRP is now priced at $2.79, marking a 27% gain over the past week. This strong performance places it just ahead of Dogecoin in the weekly charts. More notably, open interest in XRP derivatives has risen sharply—reaching $7.2 billion, its highest since January and not far from the all-time high of $8.3 billion.
Open interest reflects the total value of unsettled futures contracts and is a key indicator of market activity and trader confidence. In XRP’s case, it signals a resurgence of speculative interest, having rebounded from a low of $3 billion in April.
Still 18% Below 2018 Peak
Despite the recent surge, XRP remains 18% below its all-time high of $3.40, set in 2018. The token nearly broke that level in January but narrowly missed. Its current rally rekindles hope that a new record could be on the horizon, especially with strong political tailwinds.
Ripple, the fintech company closely tied to XRP, recently made headlines by supporting a pro-crypto political action committee during the U.S. election cycle. President Donald Trump’s re-election and continued pro-crypto stance have brought new optimism to the digital asset sector.
Bitcoin’s Rally Lifts the Market
Bitcoin has also been on a tear, hitting a new all-time high of $118,667 before settling around $117,321. While the market leader remains near its record levels, many altcoins, including XRP, are still climbing to catch up. The broader bullish environment is helping tokens like XRP attract fresh investment and attention.
XRP is currently the top-performing altcoin, gaining over 12% in 24 hours and leading in weekly performance. With open interest nearing a six-month high and political support from pro-crypto U.S. leadership, the token may be poised to retest its all-time highs.
ALSO READ:Ripple RLUSD Stablecoin Soars Past $500 Million with BNY Mellon Custody
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.