Ripple’s XRP cryptocurrency is trading higher as the market registers notable gains

This latest flip is accompanied by a spike in both daily volume and open interest, suggesting confidence in the token’s outlook.

Ripple’s XRP cryptocurrency is trading higher on Monday as the market registers notable gains in the past 24 hours.

The XRP price rose to above $2.36 in the early hours of 24 May, with the uptick coming alongside gains for Bitcoin, Ethereum, and Solana. BTC hovered above the $110k mark, up 2% in 24 hours.

At the same time, Ripple’s token edged higher, with CoinMarketCap data showing that the fourth-ranked cryptocurrency was up 2.4% in the past 24 hours.

While modest, the price jump has still seen XRP extend gains above the crucial $2 mark. This latest flip is accompanied by a spike in both daily volume and open interest, suggesting confidence in the token’s outlook.

Why is the XRP price up today?

As highlighted above, XRP price is up amid gains for Bitcoin and the broader crypto market.

While the upward flip for the Ripple token is thus in line with this upturn, action in the past 24 hours and recent days has a lot to do with XRP-related news.

Combining these with broader market dynamics has bulls eyeing a potential breakout to its all-time high above $3.84.

Notably, XRP rose to above $3.02 in January 2025 amid legal victories and the euphoria around President Donald Trump’s election.

XRP price outlook

While XRP boasts about 2.5% gains in the last 24 hours, some altcoins such as Jupiter, Virtuals Protocol, Uniswap, and Artificial Superintelligence Alliance are registering double-digit moves in 24 hours.

The XRP token may not see such performances yet, but with momentum there, it’s likely the surge in trading volume and open interest will catalyse further strengthening.

According to Coinglass, open interest in XRP is up 2.7% to above $4.7 billion.

Daily volume reached over $2 billion, while Coinglass data showed derivatives volume was +17% to $3 billion as bulls take advantage of the upside.

On Monday, veteran trader Peter Brandt ignited debate on which is a better buy today between XRP and SOL.

Let's say I will buy $100,000 of either $XRP or $SOL this week — no other option but ONLY one of the two please Which one? State your case 40 words max or I'll ignoreRemember, XRP or SOL – only choices pic.twitter.com/cNikoRICfd

— Peter Brandt (@PeterLBrandt) May 25, 2025

A move towards $3 for XRP may see buyers target $3 and then $3.8.

On the flipside, primary support will be at $2.

Although XRP hovers below these milestones, additional catalysts such as Ripple and XRP Ledger news have helped bulls.

Institutional adoption for Ripple, which is one of the biggest players in the market, has gained momentum with the launch of XRP Futures and exchange-traded funds – albeit an XRP ETF for the US market is yet to get approval from the Securities and Exchange Commission.

Recently, Ripple CEO Brad Garlinghouse highlighted the company’s growth potential in the “Crypto In One Minute” podcast.

That and the RippleX news involving traction across tokenization in Dubai has traders bullish.