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Open Interest in XRP Hits $800M as Crypto Traders Hope Ripple-SEC Ruling Will Bring ‘Alt Season’

Open Interest in XRP Hits $800M as Crypto Traders Hope Ripple-SEC Ruling Will Bring ‘Alt Season’

Investors are once again considering the payment of the XRP cryptocurrency in the futures market in the hope that Ripple Labs, the company that issued the token, will win its legal battle against the States Securities and Exchange Commission. in the wider market. XRP has risen 57% since March 22, hitting a 10-month high of around 58 cents, according to data from CoinDesk.

Since the start of the protest, the open interest of the concept, or the price of the dollar locked in the contract on the unsettled asset that is sold in the futures and permanent futures market, has risen to almost was 90% to $843 million, the highest since December 2021, according to data from Coinglass. An increase in open interest and an increase in price usually indicates the influx of new funds from the bullish side and appears to support the improvement.

At the time of publication, the currency rate – representing the cost of long-term holding or short bearish – is positive and many changes, indicating the ability of buyers to trade. The broader market rose, with bitcoin (BTC) surging above $28,000 in a move that reversed losses seen earlier this week after the US reported.

The Commodity Futures Trading Commission sued Binance, the world’s largest crypto exchange by trading volume.

“The big push comes from the Ripple vs. SEC, where optimism for Ripple’s victory seems to be becoming more and more important,” Lewis Harland, portfolio manager at Decentral Park Capital, said in a market update.

“Perhaps this Ripple win is triggering a big push in the risk system (next time),” Harland added. Another term is crypto slang that describes the time when crypto exchanges such as XRP, SOL, DOT, game tokens, virtual currency coins, and meme coins outnumber bitcoin and ether (ETH).

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