XRP futures open contracts hit a record of 7.7 billion US dollars

According to The Block, XRP's rise is driven by several key factors, emphasized by Bitget Research Chief Analyst Ryan Lee as the main driving forces. In an interview, Lee pointed out that potential favorable progress in Ripple's legal lawsuit with the U.S. Securities and Exchange Commission (SEC) is a key catalyst, and the upcoming change of leadership at SEC could further this progress. He also noted that the broader political climate in the United States is becoming more friendly towards cryptocurrencies.

The XRP derivatives market has also experienced unprecedented activity, with key indicators showing a significant increase in trader interest and bullish sentiment. According to Coinglass data, over the past 24 hours, open contract volume for XRP futures on all major crypto derivative exchanges increased by 22.66%, reaching a record $7 billion USD. This is the highest level since this analytics company began tracking such data.

Complementing this trend is that weighted funding rates for outstanding contracts on XRP perpetual futures are showing positive growth, highlighting optimistic market sentiment towards this cryptocurrency. Over an eight-hour period cycle, funding rates for XRP perpetual futures hovered around 0.01%. This rising rate indicates clear bullish sentiment as traders are willing to pay premiums to maintain their long positions.