XRP, the digital asset linked to Ripple, has surpassed the $3 mark for the first time in seven years, driven by a surge in derivatives market activity. At the time of writing, XRP has experienced a 10% increase in price over the last 24 hours, reaching a high of $3.19, according to data from CryptoSlate.
This price surge is part of a broader trend of renewed interest in XRP, which has been gaining significant momentum following the election victory of Donald Trump in November 2024. The rising demand for XRP is reflected in the growth of open interest in XRP futures contracts, which has seen a remarkable increase in recent weeks.
As of January 2025, open interest in XRP futures has surged by 300% since the beginning of the year, nearing $8 billion, according to Coinglass data. This growth highlights the growing market confidence and investor participation in XRP’s future price movements.
Leading Platforms for XRP Futures Trading
Among the platforms facilitating XRP futures trading, Bitget stands out as the leader, commanding 22% of the market share with $1.79 billion in open positions. Other major exchanges participating in XRP futures trading include Gate.io, with $1.58 billion in open interest; Binance, at $1.51 billion; Bybit, with $1.49 billion; and OKX, which holds $468 million in open positions.
The surge in open interest and the growing dominance of XRP in the derivatives market signals a continued bullish outlook for the asset, with traders increasingly focused on its future potential.
