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XRP price continues to trade within a stable range despite the ongoing lawsuit by the US Securities and Exchange Commission (SEC) against Ripple Labs. XRP experienced three price rallies in the past year. The first rally followed Judge Torres’ summary judgment reaction, the second during the SEC’s loss against Ripple executives, and the last one occurred in March before the Bitcoin halving bull market rally.
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 is expected to cause significant price fluctuations across the market.
Data from Deribit reveals call options in newly launched XRP options trading up to $1.1. Additionally, the latest options trading expiration data indicates a maximum region of $0.54, which could renew 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 indicates 0.22, which traders interpret as profitable. Considering the maximum point, a slight increase above $0.54 in XRP price is anticipated.
XRP price currently trades at $0.5275. The lowest and highest prices in the last 24 hours were $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 $629.82 million, with 1.18 billion XRP.
Ripple Vs SEC Latest Status
Plaintiff, defendant, and third parties await the final outcome after Judge Torres’ decision on the sealing request. Experts closely following the XRP case believe the decision might come earlier than expected, likely in the third quarter of 2024.
Recently, the SEC requested a total fine of $2 billion from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to withhold evidence from the public.
