XRP price, despite the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs, continues to trade within a stable range. XRP experienced three price rallies so far, the first in response to Judge Torres’ summary judgment, the second during the period when the SEC lost the case against Ripple executives, and lastly in March during the bull market rally before the Bitcoin halving.
XRP Coin Comments
Based on Ripple’s success in the lawsuit and the belief that the US Federal Reserve might lower interest rates in the future, investors took 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 and important price fluctuations across the market.
Data provided by Deribit reveals that there are calls up to the $1.1 level in the newly launched XRP options trading on the platform. 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, valued at $2.81 million, will expire on May 31. The put-call ratio indicates 0.22, which is interpreted as profitable for traders. On the other hand, considering the maximum point, it is thought that there could be a slight increase in XRP price above $0.54.
XRP price continues to trade flat at the $0.5275 level. The lowest and highest price levels seen within 24 hours are $0.5238 and $0.5399, respectively. On the other hand, trading volume exceeded $1.1 billion after an 85% increase seen in the last 24 hours.
Additionally, the total open interest in XRP futures is at the level of 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 be made earlier than expected, most likely in the third quarter of 2024.
In a recent request made by the SEC, it was stated that a total of $2 billion in fines was demanded from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to withhold evidence from the public.
