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XRP outperforms crypto market with 10% jump as open interest surges past $5B
By: cryptoslate|2025/05/13 02:15:04
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XRP has climbed more than 10% over the past 24 hours to outperform the broader crypto market.According to CryptoSlate data, the token jumped to $2.59, its highest price since March.The surge triggered more than $20 million in liquidations across derivatives platforms, based on Coinglass data.XRP’s open interest risesXRP’s momentum comes amid growing confidence in its legal and institutional outlook, with the futures market showing a substantial uptick in speculative activity.According to Coinglass data, open interest in XRP futures climbed to nearly $8 billion at the start of 2025. This represented a 300% increase from levels before Donald Trump’s election victory in November 2024.Open interest measures the total number of active futures contracts and is often considered a proxy for market conviction. When this metric rises, it usually signals growing trader confidence.Although the figure dipped to $3.6 billion during the broader market pullback in March and April, it has since rebounded to $5.4 billion as of press time. This signals renewed trader interest amid the current crypto rally.XRP Derivative Market Performance. (Source: CoinGlass)In XRP’s case, this surge is backed by a more than 100% increase in trading volume, which now exceeds $15.28 billion.Why is XRP rising?Meanwhile, several key developments are driving crypto traders’ current conviction in XRP.Last week, Ripple reached a settlement with the US Securities and Exchange Commission (SEC), ending a multi-year legal dispute.Under the deal, Ripple will pay $50 million to the SEC, while the remaining $75 million—previously held in escrow—will return to the company. The agreement also vacates a previous injunction.SEC Commissioner Caroline Crenshaw recently criticized the resolution, but it is, nonetheless, widely seen as a win for Ripple and a boost for its regulatory clarity.Beyond legal relief, XRP is attracting significant institutional attention and is also being adopted as a treasury asset by firms like Wellgistics Health, a pharmaceutical supply chain and technology firm.Additionally, speculation around a potential XRP-based exchange-traded fund (ETF) has grown over the past months, with data from Polymarket showing a 78% chance of approval for an XRP ETF this year.The post XRP outperforms crypto market with 10% jump as open interest surges past $5B appeared first on CryptoSlate.
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