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Monday, May 17, 2021

XRP Open Interest Futures Reach Record High Of $1.2B

Recently XRP has experienced a massive rally which took the price more than $1. In addition, the open interest futures of the token has successfully managed to reach their all-time high.

There has been positive news about the lawsuit between SEC and Ripple. The price journey of the token to the $1 mark this year has demonstrated a spectacular journey. This is mainly because of the reason that Ripple has been involved in a lawsuit with the Securities & Exchange Commission since December 2020.

Unprecedented Journey Of XRP

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The lawsuit of SEC and Ripple had claimed that XRP had been an unregistered securities offering of a staggering $1.3 billion. They also alleged that both Brad Garlinghouse, CEO, and Christian Larsen, co-founder, were intricately involved in the manipulation.

Ripple Labs had been granted access to the documents of SEC on Tuesday. This stated that Ripple was allowed to have views or interpretations on the crypto assets subject matter. This news came simultaneously with another explosive rally of 75% within a mere 30 hours. This encouraged XRP to exceed the mark of $1 for the very 1st time after 2018 March.

This is a noteworthy event that coincidently drove XRP up by a gain of 10% on Monday. This happened after Ripple announced that they are taking stake acquisition of 40% in Tranglo which is an Asian company of money remittance.

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Although the intention of the investors is unknown, their interest in the token helped the open interest to skyrocket to $1.2 billion that is a record high. On 5th April, XRP switched the green signal that spiked the price to a whopping $1.10 on 6th April. This indicates a gain of 53% within 36 hours.

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