$XRP Price hits three-year high, futures open interest soars
Recently, XRP futures open interest hit a record high, which means more trader activity, usually a bullish sign.
XRP, managed by Ripple Labs, is trading hot right now, more than it has in three years. That's because the entire cryptocurrency market is benefiting from the turnaround in U.S. politics.
Although XRP is down 16% from Saturday's high of $1.2, it's still up more than 80% this week, now trading at $1.06. That's all thanks to the results of the U.S. presidential election, which has sent the coin soaring since Trump's election.
Not only XRP, but other cryptocurrencies are also benefiting, with memecoins leading the market.
Data shows that XRP futures open interest is approaching a record high of $2 billion. That's proof that traders are betting on future price movements, and the market could become more volatile as a result.
There are also rumors that SEC Chairman Gary Gensler may resign after Trump's inauguration. If so, Ripple and XRP will be able to restore market confidence and expand use cases more smoothly, of course, this depends on the outcome of the lawsuit.
XRP traders are hoping that the SEC will change its position on XRP's classification as a security in court. Trump also said he intends to let Gensler go. Although he cannot be fired directly, analysts say Gensler may resign voluntarily.
All of this has boosted the confidence of XRP investors, especially rumors that Ripple's CEO may also provide Trump with cryptocurrency policy advice.
Bitwise has applied for an XRP ETF, and some people have linked these developments together, hoping to seize potential upside opportunities.
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