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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 occurred in response to Judge Torres’ summary judgment, the second during the SEC’s loss against Ripple executives, and the last during 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 in the future. 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 expiration data continues to indicate 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 stands at 0.22, which is seen as profitable for traders. On the other hand, considering the maximum point, it is believed that the XRP price could see a slight increase above $0.54.
XRP price is currently trading sideways at $0.5275. The lowest and highest price levels seen in the past 24 hours are $0.5238 and $0.5399, respectively. Additionally, the trading volume has surpassed $1.1 billion after an 85% increase in the last 24 hours.
Furthermore, 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, likely after Judge Torres’ decision on the sealing request. Experts closely following the XRP case believe the decision could come earlier than expected, possibly in the third quarter of 2024.
In a recent request by the SEC, a $2 billion fine was demanded from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to withhold evidence from the public.
