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“We believe that the underlying strength in BTC represents a systematic shift in the market in anticipation of Trump’s return to office,” QCP Capital traders said in a Friday broadcast.

Trading volumes nearly tripled and open interest on XRP-tracked futures jumped $200 million in the past 24 hours.

“We believe that the underlying strength in BTC represents a systematic shift in the market in anticipation of Trump’s return to office,” QCP Capital traders said in a Friday broadcast.

The price surge is consistent with the recent bullish positioning in the options market.

An incoming crypto-friendly regulatory environment for U.S. based companies has renewed optimism for certain tokens, especially XRP.

An increase in both OI and prices typically indicates that new money is entering the market — indicative of a bullish trend.

The fund will offer investors exposure to XRP tokens.

Just as optimism was about to surge, clouds rolled in, pushing prices lower.

XRP trades close to a major supply zone that has consistently capped upside for over a year.

XRP started to rise on Thursday after investment fund Grayscale launched a professional fund that holds the token in the U.S., while DOGE gained on no apparent catalyst.