Ripple’s XRP Surpasses $3 Mark Amid Derivatives Market Interest
Ripple-linked XRP has recently hit a milestone, crossing the $3 mark for the first time in seven years. This surge in price is driven by unprecedented interest in the derivatives market, reflecting a broader wave of renewed interest in the digital asset.
Market Data
According to data from CryptoSlate, XRP spiked by 10% in the last 24 hours, reaching as high as $3.19 at the time of writing. This recent price surge can be attributed to the growing momentum of XRP, especially since Donald Trump’s election victory in November 2024.
Derivatives Market Growth
The derivatives market for XRP has seen significant growth, with open interest in XRP-related contracts surging by 300% since the beginning of the year. The total open interest is nearing the $8 billion mark, indicating a strong interest in XRP futures trading.
Key Players in XRP Futures Trading
Bitget has emerged as the leading platform for XRP futures trading, holding 22% of the market share with $1.79 billion in open positions. Other major players in the market include Gate.io ($1.58 billion), Binance ($1.51 billion), Bybit ($1.49 billion), and OKX ($468 million).
