XRP Surges While Bitcoin Hits New Highs

As Bitcoin breaks new records, the third largest digital coin by market cap, XRP, is experiencing larger 24-hour gains.

Currently, XRP is the biggest winner among the top 10 cryptocurrencies, surging over 12% in just 24 hours, according to CoinGecko, with a current price of $2.79.

Additionally, open interest for XRP has reached a monthly high of $7.2 billion, according to data from CoinGlass, nearing its January all-time high of $8.3 billion. This is the highest open interest for XRP in nearly six months, rebounding from a low of about $3 billion in April.

Open interest in derivatives refers to the total value of futures contracts that remain unsettled by traders.

In the past week, XRP also leads in gains, outperforming Dogecoin with a nearly 27% increase.

As one of the oldest cryptocurrencies, XRP is still 18% off its all-time high of $3.40 from 2018. It gained attention after the election win of President Donald Trump and almost matched its record in January but fell short of surpassing its seven-year peak.

Fintech company Ripple, founded by the creators of XRP, donated to a pro-crypto super PAC during the election cycle and is involved in shaping crypto policy in Washington. President Trump has actively supported the digital asset space since returning to office.

Bitcoin recently reached new all-time highs, being priced at $117,321 after touching $118,667. This surge has positively impacted the broader crypto market, but many coins remain far from their peak values.