A gain of over 10% has been recorded by XRP in the past 24 hours, allowing it to surpass the performance of the wider cryptocurrency market.
More than $20 million in liquidations were triggered across derivatives platforms, according to data provided by Coinglass.
Momentum has been gained by XRP as a result of legal success and growing institutional interest, which have helped boost market confidence.
XRP Sees Surge in Open Interest
XRP’s momentum has been observed amid increasing confidence in its legal standing and institutional prospects, with a notable rise in speculative activity being recorded in the futures market.
Based on data from Coinglass, open interest in XRP futures was pushed close to $8 billion at the beginning of 2025. This marked a 300% rise compared to the levels seen prior to Donald Trump’s election win in November 2024.
Open interest, which reflects the overall count of active futures contracts, is commonly viewed as an indicator of market conviction. A rise in this measure is typically interpreted as an increase in trader confidence.
Although a decline to $3.6 billion was experienced during the broader market correction in March and April, a recovery to $5.4 billion had been recorded by the time of reporting. This has been seen as an indication of revived trader interest amid the ongoing cryptocurrency rally.
In the case of XRP, this surge has been supported by a rise of over 100% in trading volume, which has now been reported to surpass $15.28 billion.
What’s Driving XRP’s Surge?
At the same time, strong conviction in XRP among crypto traders is being driven by several notable developments.
A settlement was reached last week between Ripple and the U.S. Securities and Exchange Commission (SEC), bringing an end to a legal battle that had lasted several years.
As part of the agreement, a payment of $50 million will be made to the SEC by Ripple, while the remaining $75 million, which had been held in escrow, will be returned to the company. Additionally, a prior injunction has been vacated through the deal.
Although the resolution was recently criticized by SEC Commissioner Caroline Crenshaw, it has nonetheless been widely regarded as a victory for Ripple and a step forward in achieving greater regulatory clarity.
In addition to legal relief, substantial institutional interest is being drawn to XRP, and it is also being adopted as a treasury asset by companies such as Wellgistics Health, a firm specializing in pharmaceutical supply chain and technology.
Furthermore, speculation regarding the launch of an XRP-based exchange-traded fund (ETF) has been growing in recent months, with approval odds for such an ETF being estimated at 78% this year, according to data provided by Polymarket.
