XRP has shown renewed strength over the past week, gaining 8.6% as optimism returns to the broader crypto market. With improved sentiment and fresh developments surrounding its ongoing legal conflict with the U.S. Securities and Exchange Commission (SEC), the token is building toward a potential push past the $3 mark. Fueling this momentum is a significant uptick in open interest, signaling growing confidence from futures traders in XRP’s price direction.

Over the last 24 hours, open interest in XRP futures rose by 5%, with traders committing approximately 1.99 billion XRP—valued at around $4.74 billion—across major exchanges. Open interest represents the total number of open futures contracts that haven’t been settled. This metric often reflects the strength of market sentiment, particularly when it moves in tandem with price action. In XRP’s case, the increase underscores that traders are actively betting on further upside.

A closer look at exchange-specific data reveals that Bitget leads in XRP futures activity, holding 28.27% of total open interest, or roughly 564.6 million XRP valued at $1.34 billion. Gate.io follows with 16.32% of the market share, while Binance and Bybit round out the top four with nearly equal allocations of over 318 million XRP each. This widespread distribution of open interest across multiple platforms suggests a broad-based appetite for XRP exposure among derivatives traders.

Despite this bullish futures activity, spot trading volume has dipped. XRP’s trading volume dropped 37.5% to $4.27 billion in the past day. Still, the price has remained steady at $2.39, climbing slightly by 0.16%. This resilience in price, even amid lighter trading activity, points to underlying strength and investor conviction.

XRP is currently targeting the $2.50 mark but encountered resistance at $2.42. Should trading volume recover and push the price higher, the next psychological level of $3 would come into play. Technical analysts and market participants view this threshold as an important milestone that could attract further interest and potentially ignite another leg up.

A critical component to XRP’s bullish case lies in its ongoing legal battle with the SEC. For nearly five years, Ripple Labs—XRP’s parent company—has been embroiled in litigation over the classification of XRP as a security. However, recent sentiment in the crypto legal landscape has turned more positive. Many believe that an agreement between Ripple and the SEC could be nearing, a development that could finally clear the cloud of regulatory uncertainty surrounding XRP.

This legal optimism has not gone unnoticed by institutional players. Market speculation has been fueled by reports that BlackRock, the world’s largest asset manager, has met with the SEC regarding potential crypto ETF products. While there has been no official confirmation, some industry observers suggest that an XRP-backed exchange-traded fund could be on the horizon. The mere possibility of such a product has added to the enthusiasm surrounding XRP, especially among long-term investors seeking regulatory clarity.

The confluence of these factors—rising futures interest, stable price action, and improving legal prospects—has positioned XRP to reclaim higher price levels not seen since its historic bull runs. If momentum continues and external conditions remain favorable, breaking above $3 could be more than just a speculative dream. It could mark a new era for XRP, transitioning it from a legally embattled asset to a leading contender in the next wave of institutional crypto adoption.

As always, short-term corrections are possible, particularly if trading volume fails to support further upside or if bearish macro trends return. However, the broader picture for XRP looks increasingly constructive. With investor confidence holding firm and the legal overhang potentially lifting, XRP’s journey to $3 is now within reach.