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XRP price continues to trade within a stable range despite the lawsuit filed 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’s loss against Ripple executives, and the bull market rally before the Bitcoin halving in March.
XRP Coin Analysis
Investors have taken positive positions in futures and options expiring on May 31, driven by Ripple’s success in the lawsuit and the belief that the U.S. Federal Reserve might cut interest rates. A significant price fluctuation is expected across the market as crypto options expire on May 31.
Data from Deribit reveals call options up to $1.1 in newly launched XRP options trading on the platform. Additionally, the latest options trading expiry 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 is at 0.22, indicating a profitable scenario for traders. Considering the maximum point, a slight increase above $0.54 in XRP price is anticipated.
XRP is currently trading horizontally at $0.5275. The lowest and highest prices in the last 24 hours were $0.5238 and $0.5399, respectively. Meanwhile, trading volume surpassed $1.1 billion after an 85% increase in the last 24 hours.
Additionally, the total open interest in XRP futures stands at $629.82 million, equivalent to 1.18 billion XRP.
Ripple Vs SEC Latest Status
Plaintiffs, defendants, and third parties are awaiting the final outcome of Judge Torres’ decision on the sealing request in the resolution process. Experts closely following the XRP case believe the decision might come earlier than expected, likely in the third quarter of 2024.
A recent SEC request demanded a $2 billion fine from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to withhold evidence from the public.
