Ripple-linked XRP has crossed the $3 mark for the first time in seven years, driven by unprecedented interest in the derivatives market.

Data from CryptoSlate shows that the digital asset spiked by 10% in the last 24 hours to as high as $3.19 at the time of writing.

The recent price surge reflects a broader wave of renewed interest in XRP, which has been gaining momentum since Donald Trump’s election victory in November 2024.

This heightened activity is evident in the derivatives market, where XRP futures have seen unprecedented growth. According to Coinglass data, open interest in XRP-related contracts has surged by 300% since the start of the year, nearing the $8 billion mark.

Bitget has emerged as the leading platform for the token’s futures trading, holding 22% of the market share with $1.79 billion in open positions. Other key players include Gate.io ($1.58 billion), Binance ($1.51 billion), Bybit ($1.49 billion), and OKX ($468 million).

The post XRP futures open interest nears record $8 billion as price breaks $3 appeared first on CryptoSlate.