Key takeaways:
The SEC’s decision on a spot XRP ETF could ignite a significant rally.
The current $2.2 billion in XRP futures hints at growing institutional investor demand.
The two most bullish events ever imagined by XRP (XRP) advocates happened in 2025, but XRP continues to underperform the cryptocurrency market. On March 6, XRP was listed as a candidate for the United States’ “Digital Asset Reserve,” and Ripple Labs settled a multi-year-long complaint with the US Securities and Exchange Commission on May 8.
XRP/USD (blue) vs. crypto market capitalization. Source: TradingView / Cointelegraph
XRP fell 6% in the three months leading up to May 22, while overall crypto market capitalization rose 10%. Traders remain hopeful for a 45% rally to $3.50, with derivatives metrics signaling rising confidence.
Leverage use ramps up ahead of potential spot XRP ETF listing
The aggregate open interest on XRP futures on major exchanges