XRP, stewarded by digital assets payments and infrastructure firm Ripple Labs, is trading at heights not seen in three years as the broader crypto market benefits from anticipated upcoming political tailwinds in the U.S.
While the asset has shed 16% of its value from a Saturday peak of $1.20, it’s still up more than 80% on the week to $1.06, data from CoinGecko shows.
The coin has been on a clear upward trajectory since President-elect Donald Trump secured victory in the U.S. presidential election earlier this month.
That has buoyed investor interest in multiple cryptos, including meme coins, which continue to lead the market rally in terms of total performance alongside relative gains for large-cap coins.
No more apparent is that evidenced than in the futures market for the world’s sixth-largest crypto, with open interest having spiked to record heights just below $2 billion, CoinGlass data shows.
CoinDesk first reported the news.
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Author: Sebastian Sinclair
