XRP price continues to trade within a stable range despite the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs. XRP has experienced three price rallies so far, reacting to Judge Torres’ summary judgment, the SEC losing a case against Ripple executives, and the bull market rally before the Bitcoin halving in March.
XRP Coin Comments
Based on 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 expiring on May 31. It is believed that the expiration of crypto market options on May 31 could lead to significant price fluctuations 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 expiry 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, the maximum point suggests a slight increase in XRP price above $0.54.
XRP price is currently trading sideways at $0.5275. The lowest and highest price levels seen in the last 24 hours are $0.5238 and $0.5399, respectively. Additionally, the trading volume has 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
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 the decision could come earlier than expected, likely in the third quarter of 2024.
In a recent request by the SEC, it was stated that a total fine of $2 billion was demanded from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to withhold evidence from the public.
