XRP open interest surges as ETF approval odds soar

XRP open interest surged to $4.61 billion after the likelihood of an altcoin-backed exchange-traded fund (ETF) launch skyrocketed to 87%. This spike followed the US Securities and Exchange Commission's (SEC) approval of Grayscale’s crypto ETF, which is a major turning point that has sparked renewed interest from institutional investors and set the stage for a potential XRP’s price appreciation, according to Cryptocurrency Press.

The SEC's decision to convert the Digital Large Cap Fund into an ETF triggered an immediate surge of interest across related crypto markets. XRP has been included in the new investment tool alongside Bitcoin, Ethereum, Solana, and Cardano. Bloomberg analysts Eric Balchunas and James Seyffart now see a 95% chance of an XRP ETF launch, predicting a wave of similar crypto funds in the coming years.

The surge in open interest to $4.61 billion clearly reflects a spike in trading activity. Against this backdrop, XRP jumped 5%, breaking past the $2.29 level. Balchunas believes the SEC’s approval of the product signals a growing openness to legalizing a wider range of crypto ETFs.