XRP Futures Soar as Price Hits Three-Year High, Fueling Crypto Optimism

XRP Sees Record Futures Bets Amid Price Surge Above $1.20

According to CoinDesk, XRP has experienced a significant surge in futures bets as its price climbed above $1.20, marking an 87% increase over the week and reaching a three-year high. This bullish trend is attributed to regulatory clarity and upcoming technical changes that have spurred growth in XRP-tracked futures.

The open interest for XRP reached record levels, with more than 2 billion tokens involved in futures positions betting on further market volatility. The optimism among traders is partly driven by expectations of favorable policies under a potential Trump administration, which could benefit U.S.-based crypto companies like Ripple Labs.

Here’s what happened in crypto today

TradingView reports that Coinbase CEO Brian Armstrong supports the newly established United States Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy. This department aims to reduce federal spending and regulations, potentially increasing economic freedom according to Armstrong's views shared on X.

Lyn Alden expressed surprise at Ethereum's weak performance against Bitcoin post-election despite expecting better outcomes for ETH due to Trump's pro-crypto stance. Meanwhile, Chainlink introduced its "Chainlink Runtime Environment," bridging traditional finance systems with blockchain networks through unified architecture enhancements.

XRP Price Breaks $1 – Next 6 Penny Crypto to Hit One Dollar

Finbold highlights XRP breaking past the $1 mark amid rumors of Ripple CEO Brad Garlinghouse meeting President-elect Donald Trump regarding future crypto policy reshaping plans. As investors anticipate legislative support from Trump's administration favoring digital assets' growth, this speculation fueled notable gains across altcoins, including Dogecoin surpassing previous highs.

This rally also coincides with Robinhood listing XRP, broadening visibility amongst US-based investors. Analysts predict continued upward momentum towards achieving higher targets, such as hitting two dollars soon if current trends persist without significantly bearish sentiments affecting prices negatively anytime shortly thereafter.

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Article Summary

XRP's price surged above $1.20, driven by regulatory clarity and technical changes, leading to record futures bets; optimism is fueled by potential favorable policies under a Trump administration. Meanwhile, Coinbase CEO Brian Armstrong supports the new U.S. Department of Government Efficiency led by Elon Musk, aiming to reduce federal spending and regulations for increased economic freedom.