XRP Hits All-Time High as Open Interest Hits Records; Ripple Inks Ctrl Alt Deal

XRP reached a new all-time high of US$3.53 today, surpassing its previous record from 2018 when crypto adoption was far less widespread.
The technical dispute over whether this beats CoinMarketCap’s US$3.83 record stems from inflated Korean exchange prices in 2018.
Open interest has hit record highs alongside the price surge, indicating fresh capital backing the move rather than just short-covering or momentum exhaustion.
Ripple has partnered with Ctrl Alt to provide institutional custody for Dubai’s tokenised real estate project, expanding its Middle East presence and global custody network.

XRP has finally made a new all-time high, hitting US$3.53 (AU$5.43) earlier today. That’s shattered a record set as far back as 2018 – a time when some of our readers may not have even cared about crypto.

XRP made a fresh all-time high, source: CoinGecko

Technically speaking, however, CoinMarketCap has the record for XRP at US$3.84 (AU$5.90) – about US$0.30 (AU$0.46) higher. Why the discrepancy?

Kimchi Premium Inflated XRP’s 2018 Price

The CoinMarketCap figure reflects an aggregate price for 4 Jan 2018 that folded in Korean exchange data trading at steep premiums – often called the ‘Kimchi premium’ – and then converted using official FX rates.

Because liquidity was fragmented and cross‑border arbitrage constrained, most traders outside Korea could neither reliably buy nor sell XRP at that headline level.

Many analysts, including Ripple CTO David Schwartz, argue the tradable peak was lower, visible on major USD pairs and in datasets such as CoinGecko and TradingView. Schwartz commented on this earlier this year:

That is often reported as the all-time high, but you could not actually sell XRP for $3.84 nor did you have to pay $3.84 to buy it. That number included inflated amounts due to the use of “official” currency exchange rates for Korean exchange rates.https://t.co/voMP2Mehsz
— David ‘JoelKatz’ Schwartz (@JoelKatz) January 16, 2025

Related: GameStop’s Cohen Calls Bitcoin an Inflation Hedge After $500M Buy

Technicalities Aside, Trader Interest in XRP Is Surging

With the new high in price, XRP Open interest has just hit record highs also. XRP perpetual futures open interest reached US$10.55 billion (AU$16.22 billion), according to CoinGlass – evidence that “something is brewing”, as one analyst put it.

#XRP — On-Chain Momentum Building
Golden Cross on the MVRV ratio just flashed.
Last time? XRP rallied +630%.
Now add this:
Open interest in XRP futures just hit $10B — highest since 2021 (via @CoinDesk).
On-chain strength + derivatives spike = early signs of accumulation.… pic.twitter.com/qdzJrjJKg4
— CoinDataFlow (@CoinDataFlow) July 17, 2025

XRP open interest offers a quick pulse check on market conviction: rising OI with rising price signals fresh capital backing the move; falling OI as price climbs can hint at short‑covering or fading momentum.

Elevated OI often means heavier leverage – fuel for liquidation cascades and sharp volatility.

Ripple Expands Reach in Middle East

Meanwhile, Ripple – the company behind the XRP Ledger (XRPL) – just announced it will enter a partnership with Ctrl Alt, a major infrastructure platform for tokenisation.

Through the partnership, they aim to provide institutional‑grade custody for the Dubai Land Department’s Real Estate Tokenisation Project, securing tokenised property title deeds issued on the XRP Ledger.

Ctrl Alt becomes Ripple’s first major custody partner in the UAE, highlighting “regional demand for compliant digital asset infrastructure” and adding to Ripple’s expanding global custody network across EMEA, APAC and Latin America.

In a statement, Ripple said:

Ripple Custody will deliver scalable and secure storage for the Dubai Land Department’s tokenized real estate title deeds, which have been issued on the XRP Ledger – enabling fractional ownership, transparency, and global access to Dubai’s real estate market.