While Bitcoin (BTC) and altcoins started to rise again, XRP made a big breakthrough.
The XRP price rose by 50% in January, reaching a seven-year high above $3. With this rise, XRP continued its 240% rise in the last quarter of 2024, moving into third place, surpassing stablecoin giant Tether.
While it was stated that the XRP rise was due to whale accumulation and the expectation for an increasing XRP ETF, another reason for the rise was the ATH in XRP's futures open interest.
Analysts said that the XRP price has made its fastest rise in recent years, amid record activity in XRP-related derivatives.
At this point, XRP perpetual futures open interest reached an all-time high of 2.34 billion XRP.
This is well below the overheated 100% in early December, which signaled excessive bull leverage, analysts said, making the XRP market much healthier and supportive of continued price gains.
Diego Cardenas, an OTC trader at digital asset platform Abra, said that XRP-specific factors, combined with broader crypto market dynamics, are supporting the ongoing bullish momentum.
“Cryptocurrencies continue to recover from Monday’s decline, with Bitcoin breaking past the $100,000 level.
The broader market is also recovering, with altcoins like XRP and XLM leading the way.
XRP reclaims 3rd place among cryptocurrencies and surpasses BlackRock's market cap.
“This increase is being driven by a growing number of partnerships, the launch of Ripple’s stablecoin RLUSD, and speculation about a potential spot XRP ETF.”
XRP continues to trade at $3.11, up 8.5% in the last 24 hours.
*This is not investment advice.
