XRP Market Cap Overtakes Belarus' $93.4B GDP as Open Interest Climbs to $3.56B

$XRP has reached a notable milestone in its recent rally, with its market capitalization climbing above the estimated size of Belarus' economy.

According to data cited by on-chain metrics provider BankXRP, $XRP's market cap now stands at roughly $94 billion, edging past Belarus' estimated $93.4 billion GDP for 2025, based on World Bank figures. With the token trading at $1.51, according to CoinCodex data, the comparison underscores how quickly its overall market valuation has expanded. The comparison is illustrative rather than literal — GDP measures the annual flow of goods and services an economy produces, while market cap is a point-in-time valuation of all circulating tokens — but it has become a common shorthand for expressing crypto's scale against national economies.

Benchmark Against Traditional Finance

The token's rise is also striking when measured against established financial companies. $XRP has reportedly moved above Intercontinental Exchange (ICE) in market capitalization. ICE owns and operates major financial infrastructure, including the New York Stock Exchange, which makes the comparison notable given $XRP's volatility and its relatively young position in global finance. $XRP is the native asset of the XRP Ledger, a payments-focused blockchain launched in 2012 and closely associated with Ripple, whose products target cross-border bank settlement — the same territory long served by legacy financial infrastructure.

Lithuania could be the next economy the token passes in this unusual comparison. The country's estimated 2025 GDP stands at around $95.2 billion, meaning $XRP would need only a modest increase in market cap to surpass that figure.

Open Interest Surges to $3.56B as Whales Accumulate

Derivatives activity is adding fuel to the market narrative. Market commentator ChartNerd reported that $XRP open interest has surged from roughly $2.3 billion to $3.56 billion, an increase that points to heavier positioning in futures and perpetual contracts. Open interest — the total value of derivative contracts still outstanding — does not indicate whether traders are predominantly bullish or bearish, but higher open interest can amplify both gains and losses, particularly when leverage builds up and liquidations begin to cascade. When open interest climbs this quickly, funding rates and liquidation levels become the standard gauges of whether positioning is stretching too far.

The momentum follows a recent breakout from a 2-week trading range, while large holders are said to have accumulated approximately 190 million $XRP in a single day. Growing market capitalization, rising derivatives activity and whale accumulation have together placed $XRP firmly back in the spotlight.

The token has also entered the broader U.S. crypto policy debate following a Newsmax interview involving Vice President JD Vance, in which a question connected $XRP and other digital assets to U.S. debt and potential crypto reserves. The exchange reflects the growing conversation around crypto's potential role in the financial system. That discussion follows the wind-down of Ripple's years-long legal dispute with the U.S. Securities and Exchange Commission, which concluded in 2025 after both sides dropped their appeals, leaving in place a 2023 court ruling that programmatic sales of $XRP on exchanges did not constitute securities transactions.

For $XRP bulls, the bigger question is whether the rally can hold through sustained spot-market demand rather than leverage alone. With open interest reported at $3.56 billion and the token closing in on Lithuania's economic output in this comparison, traders will be watching closely for its next major move.