XRP price, Ripple Labs’ ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) notwithstanding, continues to trade within a stable range. XRP has experienced three price rallies over the past year. The first rally occurred in response to Judge Torres’ summary judgment, the second during the SEC’s loss against Ripple executives, and the third during the bull market rally preceding the Bitcoin halving in March.
XRP Coin Analysis
Due to Ripple’s success in the lawsuit and the belief that the U.S. Federal Reserve might cut interest rates in the future, investors have taken positive positions in futures and options contracts expiring on May 31. With the expiration of crypto market options on May 31, significant and important price fluctuations are expected across the market.
Data provided by Deribit reveals that the newly launched XRP options trading on the platform includes calls up to $1.1. Additionally, the latest options trading expiration data continues to indicate a maximum region of $0.54, which could renew sentiment for further price increases.
Looking at its nominal value, over 5,260 XRP options, worth $2.81 million, will expire on May 31. The put-call ratio stands at 0.22, which is considered profitable for traders. On the other hand, evaluating the maximum point suggests a slight increase in XRP price above $0.54.
Currently, XRP is trading at a flat rate of $0.5275. The lowest and highest price levels seen in the last 24 hours are $0.5238 and $0.5399, respectively. Meanwhile, the trading volume has exceeded $1.1 billion after an 85% increase in the last 24 hours.
Additionally, the total open interest in XRP futures is at 1.18 billion XRP, valued at $629.82 million.
Ripple Vs SEC Latest Status
The plaintiff, defendant, and third parties are awaiting the final outcome after Judge Torres’ decision on the sealing request in the resolution process. Experts closely following the XRP case believe that the decision could come earlier than expected, likely in the third quarter of 2024.
In a recent request by the SEC, it was mentioned that a total fine of $2 billion is being sought from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to withhold evidence from the public.
