Highlights
XRP price has not witnessed any sudden price changes as a result of the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs. XRP only recorded massive price rallies three times in the past year — Judge Torres’ summary judgment, SEC’s dropped changes against Ripple executives, and pre-Bitcoin halving bull market rally in March.
Ripple’s success in the lawsuit and anticipation of US Federal Reserve rate cuts starting in March led traders to make bullish futures and options bets for May 31 expiry. The crypto market options expiry on May 31 is crucial for the whole market, with massive volatility expected.
Deribit data shows the newly launched XRP options trading on the platform have calls as high as $1.1. However, the latest options trading expiry data indicates a max paint price of $0.54, which can renew sentiment for further price increase.
Over 5,260 XRP options of a notional value of $2.81 million are set to expire on May 31. The put-call ratio is 0.22, which is very lucrative for traders. Moreover, the max paint point indicates a slight increase in XRP price to above $0.54.
XRP price is trading sideways with the price currently trading at $0.535. The 24-hour low and high are $0.5238 and $0.5399, respectively. Furthermore, trading volume has increased by 82% in the last 24 hour, indicating massive interest among traders.
Thus, XRP will have a strong price action in the coming weeks as the max paint point is at $.54. Meanwhile, total XRP futures open interest has also increased to 1.18 billion XRP worth $629.82 million.
Also Read: Bitcoin Price Regains $70000, Memorial Day Rally In Play?
The plaintiff, defendant, and third parties are waiting for Judge Torres’ final judgment in the remedies phase, likely to come after the decision on the motion to seal. XRP lawsuit experts believe the judgment could come much earlier, most likely in 2024 Q3.
The SEC seeks $2 billion in total fines from Ripple Labs and opposed Ripple’s latest motion to seal evidence from the public. The SEC claimed Ripple’s redaction requests would hide public information that are key to the court’s decisions in the remedies phase.
Also Read: Shiba Inu Super Diamond Trader Liquidates Holdings, Followed By A Secret Message
Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…
Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…
FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…
JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…
Derivatives exchange CME Group has announced plans to begin offering 247/7 crypto futures and options…
Banking giant Citigroup has revised its Bitcoin prediction to $231,000 in the next 12 months,…