Bitcoin (BTC) and altcoins have seen significant gains in response to greater regulatory clarity and expected changes for cryptocurrencies following Donald Trump’s victory in the United States.
At this point, XRP, which has been continuing its legal battle with the SEC for years, has increased by 102% in the last 7 days and 9.5% in the last 24 hours.
As XRP gains market attention with its rise, open interest in XRP futures has reached record levels, rising to just under $2 billion.
While the record high in XRP futures is considered to be an indicator of an upward trend for the price, Nick Forster, the founder of on-chain options DeFi protocol Derive, explained his expectations for XRP.
“The recent record highs in open interest in XRP futures indicate an increase in investor interest, which is generally an indication of an upward trend in the market.
“The increased activity in XRP highlights the growing appeal of XRP and its dynamic position within the trading community. This suggests that investors expect the XRP price to increase.”
Apart from Foster, Pratik Kala, head of research at digital asset fund manager Apollo Crypto, said that the recent price increase in XRP is due to expectations of more positive developments regarding XRP after Trump becomes president and dismisses SEC Chairman Gary Gensler, and that XRP investors trust these developments.
“XRP is rising on rumors that Ripple CEO Brad Garlinghouse will advise Trump on crypto policy. Also boosting XRP ETF expectations.”
XRP continues to trade at $1.15 at the time of writing.
*This is not investment advice.