XRP's open interest, which refers to the total number of open futures or options contracts, has hit a new record high of $2.6 billion, according to CoinGlass data.
According to Maartunn, a pseudonymous analyst at CryptoQuant, SEC Chair Gary Gensler announcing his upcoming resignation was one of the key factors contributing to the increase in OI.
The cryptocurrency has also attracted more attention due to speculation surrounding the launch of an XRP ETF. As reported by U.Today, such firms as Bitwise and Canary Capital have already proposed several spot ETF products designed to track the value of the Ripple-affiliated altcoin.
According to CoinGlass, XRP's open interest dipped by a little over 4% over the past four hours. At press time, it stands at $2.26 billion.
Alex DovbnyaThe Ripple-affiliated token continues to outperform the broader cryptocurrency market, currently trading at $1.41 on the Bitstamp exchange.
Earlier this Monday, XRP reached an intraday high of $1.52. However, it then ended up erasing some of its gains due to Bitcoin's weakness. The leading cryptocurrency recently saw a sharp drop to the $94,000 level. The odds of XRP surpassing the $100,000 level before December have now plunged to 36% on the Kalshi market.
Still, XRP remains firmly in the green territory despite Bitcoin's underperformance. It is currently up by 7%, outperforming other major altcoins.
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Valeria Blokhina
Vladislav Sopov
Dan Burgin