Ripple's native cryptocurrency XRP has become the market focus, reaching a three-year high in price. Moreover, the futures open interest (OI) also hit a historic high of $2.1 billion, indicating a significant increase in trading activity.
Investors expect XRP to replicate its 2018 surge, targeting the $3 mark. This rise is driven by Trump's victory, and this article will analyze why Trump's victory brings such significant benefits.
Is the relationship with Trump seemingly good?
Ripple CEO Brad Garlinghouse shared his views on Trump winning the US presidential election in an interview published by Fox Business on November 15, and was asked about rumors regarding "his post-election meeting with Trump to discuss cryptocurrency policy."
In response, Garlinghouse neither confirmed nor denied, only stating: "I don't intend to discuss too many details." The host interpreted his response as a tacit acknowledgment and bluntly said: "In my view, this is already a positive response." The subsequent price trends also indirectly indicate that the community believes that a meeting between Trump and Garlinghouse is inevitable, if not already occurred.
XRP outperformed BTC and DOGE
This week, XRP's price surged significantly, rising more than 57% in 7 days, outperforming Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE). Despite a slight pullback during the period, the overall upward momentum remains strong. However, the year-to-date increase only surpasses Ethereum, and as of November 19, the year-to-date comparison is as follows:
Bitcoin +146.74%
Ethereum +52.83%
Dogecoin +409.78%
XRP +78.98%
Monthly comparison as follows:
Bitcoin +33.88%
Ethereum +12.45%
Dogecoin +178.45%
XRP +99.92%
In the past 24 hours, XRP fell by 6.73%, while it has increased by 99.92% over the past 30 days. As of the time of writing, its average trading price is $1.0925, which would require an increase of nearly 252% to reach the historical high of $3.84 set on January 4, 2018.
Futures open interest surpassed $2.12 billion
According to data, XRP's futures open interest once reached a record $2.12 billion. Traders' bets on market volatility have significantly increased.
