XRP price continues to trade within a stable range despite the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs. XRP experienced three price rallies so far, reacting to Judge Torres’ summary judgment, SEC’s loss against Ripple executives, and the bull market rally before the Bitcoin halving in March.
XRP Coin Comments
Investors took positive positions in futures and options expiring on May 31, driven by Ripple’s success in the lawsuit and the belief that the US Federal Reserve might cut interest rates. The expiration of crypto market options on May 31 could lead to significant price fluctuations across the market.
Data from Deribit reveals call options up to $1.1 in the newly launched XRP options trading on the platform. Additionally, the latest options trading expiration data indicates a maximum region of $0.54, renewing sentiment for further price increases.
Over 5,260 XRP options, with a nominal value of $2.81 million, will expire on May 31. The put-call ratio stands at 0.22, which is seen as profitable for traders. On the other hand, considering the maximum point, a slight increase above $0.54 in XRP price is anticipated.
XRP price currently trades sideways at $0.5275. The lowest and highest price levels in the last 24 hours are $0.5238 and $0.5399, respectively. Additionally, the trading volume exceeded $1.1 billion after an 85% increase in the last 24 hours.
Moreover, the total open interest in XRP futures is at 1.18 billion XRP, valued at $629.82 million.
Ripple Vs SEC Latest Status
Plaintiff, defendant, and third parties await the final result after Judge Torres’ decision on the sealing request. Experts closely following the XRP case believe the decision may come earlier than expected, likely in the third quarter of 2024.
A recent SEC request demanded a total of $2 billion in fines from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to conceal evidence from the public.
