XRP Surprises by Outpacing Bitcoin: Strong Signals for the Crypto Market?

While Bitcoin continues to reach new highs with a price nearing $119,000, XRP has become the most noteworthy name among the top 10 cryptocurrencies. According to CoinGecko, XRP has increased by over 12% in just 24 hours, reaching $2.79, making it the strongest-performing altcoin at the moment.

Notably, the open interest (the value of outstanding derivative contracts) of XRP has soared to $7.2 billion, almost touching the record of $8.3 billion set back in January, and the highest in the past 6 months. This figure indicates strong interest from the derivatives investment community, after XRP dropped to a low of only $3 billion in April.

Looking at the past 7 days, $XRP has also outperformed Dogecoin, leading with an increase of nearly 27%, despite this coin still being 18% away from its historical peak of $3.40 in 2018. Remarkably, XRP almost surpassed its previous peak in January but missed the opportunity.

Behind this surge, #Ripple – the company associated with XRP – has been actively lobbying for crypto policies in Washington, especially as President Donald Trump returns to the White House and openly supports the digital asset industry.

Although Bitcoin remains the “king” of the market, XRP's movement indicates that several altcoins are rising sharply, promising many trading opportunities for investors.

Investing in cryptocurrency carries high risks due to significant price volatility.