XRP breaks $1, hits 3 year high as open interest goes above $2 billion XRP breaks $1, hits 3 year high as open interest goes above $2 billion
XRP touches new heights as whales and sharks accumulate 453.3 million tokens in a week.
2 min read
Updated: Nov. 18, 2024 at 3:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple’s XRP has reached a three-year high, surpassing $1 as open interest in the digital asset hit an all-time peak of over $2 billion.
Over the weekend, XRP briefly touched $1.19, its highest level since 2021, before settling around $110, according to CryptoSlate’s data.
This represents nearly a 100% increase in the token’s price during the past week, reflecting a renewed interest in the digital asset following Donald Trump’s victory in the recent US elections.
Why is XRP rising?
XRP is among the major cryptocurrencies that market experts see as poised to benefit under Trump’s presidency.
Observers believe the ongoing regulatory battle with the US Securities and Exchange Commission (SEC) could be resolved during this period, potentially driving more retail and institutional investment into the asset. Ripple CEO Brad Garlinghouse said:
“Markets have responded to Trump’s win—he’s bringing crypto back to America (making crypto great again?! MCGA!) The incoming Congress will make sure US innovation gets the regulatory clarity it deserves.”
Meanwhile, market intelligence platform Santiment pointed out that the recent rally coincided with significant buying activity from XRP whales and sharks—holders of between 1 million and 100 million tokens.Over the past week, this group has accumulated 453.3 million XRP, worth around $526.3 million.
Retail traders have contributed to this accumulation by selling off their XRP holdings. Last week, more than 75.7 million XRP, valued at $87.9 million, were dumped by retail investors.
Santiment noted that historically, a digital asset tends to see positive growth when its key stakeholders increase their holdings and confidence, while retail-driven fear, uncertainty, and doubt (FUD) can help fuel this rise.
Additionally, Coinglass data shows that XRP is also attracting renewed institutional attention, as evidenced by the surge in open interest, which has now reached $2 billion.
Open interest refers to the total number of active futures or options contracts that remain open and unsettled. A significant increase in open interest typically signals heightened speculation, leading to greater volatility as leveraged positions react more sharply to market developments.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.