XRP has surged more than 10% in the last 24 hours, outperforming the broader crypto market and reaching a price of $2.59, its highest since March, according to data from CryptoSlate. This increase in price triggered over $20 million in liquidations across derivatives platforms, as reported by Coinglass.
One of the key factors driving XRP’s momentum is the growing confidence in its legal and institutional outlook. The futures market has seen a significant uptick in speculative activity, with open interest in XRP futures reaching nearly $8 billion at the beginning of 2025. This marks a 300% increase from levels before Donald Trump’s election victory in November 2024.
Open interest is a metric that measures the total number of active futures contracts and is often considered a gauge of market conviction. The rise in open interest signals growing trader confidence in XRP. Despite a dip to $3.6 billion during the market pullback in March and April, the figure has rebounded to $5.4 billion, indicating renewed trader interest amid the current crypto rally.
The surge in XRP’s price is also supported by a more than 100% increase in trading volume, which now exceeds $15.28 billion. Several key developments are contributing to traders’ confidence in XRP, including Ripple’s recent settlement with the SEC, which ended a long-standing legal dispute. The settlement, which involves a $50 million payment to the SEC and the return of $75 million held in escrow to Ripple, has been seen as a positive development for the company’s regulatory clarity.
In addition to legal relief, XRP is gaining institutional attention and is being adopted as a treasury asset by firms like Wellgistics Health. Speculation around a potential XRP-based exchange-traded fund (ETF) has also been growing, with data from Polymarket suggesting a 78% chance of approval for an XRP ETF this year.
As of the latest data at 11:38 pm UTC on May 12, 2025, XRP is ranked #4 by market cap, with a market capitalization of $148.98 billion and a 24-hour trading volume of $10.48 billion. The total crypto market is valued at $3.31 trillion, with a 24-hour volume of $180.14 billion and Bitcoin dominance at 61.62%.
Overall, XRP’s recent price surge and growing market interest are driven by a combination of legal developments, institutional adoption, and speculation around potential regulatory approvals, making it a cryptocurrency to watch in the current market environment.