XRP has hit a new milestone as its futures open interest soaring 17% to $3.91 billion. According to data from CoinGlass, Binance leads the XRP futures market with $1.3 billion contracts, accounting for 32.04% of the total open interest.Â
Bybit and Bitget also contribute substantially to the market activity. Additionally, XRP’s futures trading volume escalated by 289%, reaching $60 billion, while options open interest rose 16.2% to $992.33K, indicating intensified market participation.
Meanwhile, Ripple’s efforts to expand XRP’s role in cross-border payments have contributed toward the momentum. Ripple’s On-Demand Liquidity (ODL) service, which transfers money across borders and utilizes XRP for cost and time efficiency, has had good reception with the financial institutions.
Additionally, the RLUSD stablecoin, a new product from Ripple set to launch in the next 2 days, adds some thrust by offering simple and fast global transactions.
There are ongoing tests with speculation about its integration with DeFi networks of multiple blockchains.
Despite these, XRP is still handling challenges like its ongoing battle with SEC which ruled that XRP isn’t a security on public exchanges.
However, analysts including @odrabraa on X predict XRP could reach $3 in the near future, with some predicting as much as $5.34 by 2025.Â
But at the moment, the crypto is trading for $2.72 – a 39% surge in a single day with a massive 428.23% increase in trading volume to $55 billion, according to CoinMarketCap.
