Ripple’s XRP cryptocurrency is trading at its highest levels in three years due to the broader crypto market’s anticipated growth. Despite a 16% value drop from its recent peak of $1.20, XRP is still up over 80% in the past week to $1.06. The coin has seen a steady upward trajectory since President-elect Donald Trump’s victory in the U.S.
presidential election, resulting in increased investor interest in cryptocurrencies, including meme coins, which have led the market rally. Open interest for the world’s sixth-largest crypto has risen to record heights just below $2 billion. This increase in open interest suggests a rise in trader interest, often an indicator of market bullishness, and signals XRP’s increasing appeal within the trading community.
Speculation that Securities and Exchange Commission Chair Gary Gensler may step down could further boost XRP’s prospects, as Ripple may have a clearer path to regain market confidence and expand its use case.