PANews reported on January 16 that according to The Block, XRP's rise was driven by several important factors, and Bitget Research Chief Analyst Ryan Lee highlighted the main driving force. In an interview, Lee pointed out that the possible more favorable progress in Ripple's legal proceedings with the U.S. Securities and Exchange Commission (SEC) is a key catalyst, and the upcoming change of leadership at the SEC may promote this progress. He also noted that the broader political climate in the United States is becoming more friendly to cryptocurrencies.

The XRP derivatives market has also experienced unprecedented activity, with key indicators showing a sharp increase in trader interest and bullish sentiment. According to Coinglass data, the volume of open XRP futures contracts on all major crypto derivatives exchanges increased by 22.66% in the past 24 hours to a record high of $7.7 billion. This is the highest level since the analysis company began tracking such data.

Complementing this trend, the weighted funding rate of XRP perpetual futures open interest has shown a positive growth, highlighting the market's optimism about the cryptocurrency. In the past 8 hours, the funding rate of XRP perpetual futures has hovered around 0.01%. This rising rate indicates a clear bullish sentiment as traders are willing to pay a premium to maintain their long positions.