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 experienced three price rallies over 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 in March during the Bitcoin halving bull market rally.
XRP Coin Comments
Investors are taking positive positions in futures and options expiring on May 31, influenced by Ripple’s success in the lawsuit and the belief that the U.S. Federal Reserve might lower interest rates. Significant price fluctuations are 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 expiration data indicates a maximum region of $0.54, which could renew bullish 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, 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 in the last 24 hours were $0.5238 and $0.5399, respectively. Additionally, trading volume surpassed $1.1 billion after an 85% increase in the last 24 hours.
Furthermore, the total open interest in XRP futures stands at $629.82 million, with 1.18 billion XRP.
Ripple Vs SEC Latest Status
The plaintiff, defendant, and third parties await the final outcome after Judge Torres’ decision on the sealing request. Experts closely following the XRP case believe the decision might come earlier than expected, likely in the third quarter of 2024.
In a recent request by the SEC, a total penalty of $2 billion was demanded from Ripple Labs. Additionally, the SEC opposed Ripple’s latest attempt to withhold evidence from the public.
