Data: XRP futures open interest reaches 7.7 billion USD, setting a new historical high

ChainCatcher news, according to The Block, the surge of XRP is driven by several key factors, with Bitget's chief research analyst Ryan Lee highlighting the main drivers. In an interview, Lee pointed out that potential favorable developments in Ripple's legal battle with the U.S. Securities and Exchange Commission (SEC) are a key catalyst, and the upcoming leadership change at the SEC may propel this progress. He also noted that the broader political climate in the U.S. is becoming more friendly towards cryptocurrency.

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, in the past 24 hours, the open interest in XRP futures across all major crypto derivatives exchanges increased by 22.66%, reaching a historic high of $7.7 billion. This is the highest level since the analytics firm began tracking such data.

Complementing this trend, the weighted funding rate for XRP perpetual futures has shown positive growth, highlighting the market's optimism towards this cryptocurrency. Over the past 8-hour period, the funding rate for XRP perpetual futures hovered around 0.01%. This rising rate indicates a clear bullish sentiment, as traders are willing to pay a premium to maintain their long positions.