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 Comments
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 may cut interest rates in the future. A significant price fluctuation is expected across the market with the expiration of crypto market options 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 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 indicates 0.22, which is seen as profitable for traders. On the other hand, considering the maximum point, a slight increase above $0.54 in XRP price is anticipated.
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 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 in Judge Torres’ resolution process, likely after her decision on the sealing request. 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, a total fine of $2 billion was demanded from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to keep evidence from the public.
