The open interest for the world’s sixth-largest cryptocurrency, XRP, has reached an all-time high of roughly $1.8 billion, according to CryptoQuant’s data. This surge comes after recent developments around the company behind the token and growing hopes for a change in the US regulatory environment.
The open interest followed a similar trajectory to XRP’s price, which has experienced a double and even triple-digit increase in the past few weeks, driven by the speculation that SEC Chair Gary Gensler will vacate his post in January 2025. Aside from Gensler’s announcement, two other factors have contributed to the growing OI: political shifts, with expectations of more crypto-friendly regulations under Donald Trump’s administration, and XRP ETF speculation, with asset managers filing applications for an XRP ETF that could attract institutional investors.
Although XRP’s price is still more than 50% below its all-time high reached in early 2018, many crypto analysts remain optimistic about its potential to reach those peaks during this cycle, especially if there is a rapid and favorable conclusion to the lawsuit against the SEC after Gensler leaves.
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<p>The post XRP Open Interest Skyrockets to $1.8 Billion All-Time High Amid Regulatory Optimism and Market Bullishness first appeared on CoinBuzzFeed.</p>
