XRP has surged to a new all-time high, breaking a seven-year record as momentum builds across the altcoin market. 

On Friday, July 18, the token reached a new record high of $3.64, above its previous high of $3.40, set in January 2018. According to crypto.news price tracker, XRP (XRP) is trading at $3.59 as of press time, up 18% in the last day and 40% in the last week.

Following the latest surge, XRP’s market value has risen to $212 billion, making it the third-largest cryptocurrency by market capitalization, outpacing Tether (USDT). Its market capitalization has increased by 65% in the last month alone as investor interest in the token grows.

Futures trading volume surged 162.6% to $46.65 billion and open interest has risen 27% to $11.11 billion, according to Coinglass data. The rise in derivatives activity points to growing speculation and increased positioning among traders.