Unprecedented interest in the derivatives market has pushed Ripple-linked XRP above the $3 mark for the first time in seven years.
The digital asset has surged 10% in the past 24 hours, reaching a high of $3.19 at the time of writing, according to data from CryptoSlate.
The recent price surge reflects a broader wave of renewed interest in XRP that has gained momentum since Donald Trump's election victory in November 2024.
This high activity is evident in the derivatives market, with XRP futures experiencing unprecedented growth. Open interest in XRP-related contracts has surged 300% since the beginning of the year, approaching the $8 billion level, according to data from Coinglass.
Bitget has emerged as the leading platform for token futures trading, holding 22% of the market share with $1.79 billion in open positions. Other major players include Gate.io ($1.58 billion), Binance ($1.51 billion), Bybit ($1.49 billion), and OKX ($468 million).
