XRP Perpetual Futures Open Interest (PFOI) has shot up significantly since March 24 to around $610 million at its peak.

Open interest refers to the number of open futures contracts traders hold at the end of a trading day. It is commonly used to gauge market sentiment and the strength underlying price moves.

Whereas perpetual futures are a form of derivative contract, with no expiration date, that is cash settled – as opposed to settled in the underlying asset.

XRP perps skyrocket

Analysis from the data platform Kaiko showed a spike in XRP PFOI.

Since the start of March, XRP PFOI had been holding relatively steady, at around $300 million. However, on March 22, a significant jump in PFOI occurred – spiking as high as $500 million.

Through to March 26, a downtrend followed. But as we entered this week, futures traders began piling in to lift XRP PFOI much higher – peaking at $610 million on Wednesday.

Further analysis from Kaiko showed spot XRP daily trading volume rising and falling in tandem with PFOI – with a monthly peak at around $2.5 billion on two occasions.

The chart below shows spot volumes being primarily driven by the Korean market.

SEC lawsuit drawing to a close?

In December 2020, the SEC filed charges against Ripple over allegations it had raised over $1.3 billion through the unregistered XRP token.

“the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.”

Since then, both sides have stated their case, with many observers noting the fragility of the regulator’s arguments.

While many XRP advocates expect a favorable decision, Judge Torres has yet to give her final verdict.

Some in the XRP community expect the outcome to be delivered before March 31. However, there has been no official confirmation of this deadline.

It should be noted that this date was a predictive estimate from James Filan – a lawyer who has been monitoring this case.

The daily chart below shows anticipation of the case conclusion filtering into the spot price around March 22. Since then, XRP recorded 57% gains at its peak – to post a 46-week high.

#XRP #RIPPLE #Binance #crypto2023 #crypto

The agency says the documents require confidential treatment.

Ashley Prosper, an XRP community member who filed a Freedom of Information Act (FOIA) request last year demanding communications between SEC and JPMorgan involving Ripple, has updated XRP enthusiasts about recent progress.

In a recent tweet, Prosper said the SEC had received the search results and is currently reviewing the documents. However, the securities regulator noted that a large number of the documents required confidential treatment.

“Based on our initial review of the record, it appears that a large portion of the records will require that we engage in the CT substantiation process, which involves records for which confidential treatment was requested at the time of their submission,” an excerpt of the email read.

The Securities and Exchange Commission added that it will require an additional 60 days to the review time in order to engage in “this type of consultation.”

The FOIA Request

It is noteworthy that Prosper filed the FOIA request in August 2022, seeking disclosure of any communications between the SEC and JPMorgan about Ripple.

Like several XRP community members, Prosper alleges that some private companies influenced the SEC’s decision to go after Ripple in December 2020. Prosper filed the FOIA request because he believes the ongoing Ripple lawsuit started with communications between JPMorgan and the SEC.

However, all efforts to have the SEC release the documents have yielded no positive results. In March, Prosper notified members of the XRP community that the SEC postponed the release of the document to the end of March.

He disclosed that he had contacted FOIA advocates to take legal action against the SEC over its continued delay.

#XRP #XRPCommunity The SEC has once again postponed the release of documents related to JP Morgan, Ripple and XRP. They now say end of March (suspicious). So I have contacted FOIAadvocates to pursue the SEC in court. Any advice @JsnFostr @attorneyjeremy1 @JohnEDeaton1 @freddyriz

— Ashley PROSPER (@AshleyPROSPER1) March 6, 2023

Reacting to the development, famous crypto influencer Digital Asset Investor said the JPMorgan emails might be bigger than Hinman’s.

These emails may be bigger than the Hinman Emails: https://t.co/l5wSOCPh4m

— Digital Asset Investor (@digitalassetbuy) April 5, 2023

For context, Hinman’s emails contain SEC internal communications that resulted in the 2018 controversial William Hinman speech, where the former SEC exec declared Ethereum and Bitcoin as non-securities.

The regulators tried not to surrender the documents. However, after 18 months and six separate bench orders, the SEC handed the documents to Ripple last year. Notably, the public does not know the contents of the documents to date, as the SEC continues to insist on keeping them sealed.

#XRP #RIPPLE #Binance #crypto2023 #crypto

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Attorney Fred Rispoli proposes SEC could skip Ripple trial for settlement leverage, citing case weaknesses. SEC’s resource-based wait-and-see approach might lead to interesting outcomes if it fails.

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The crypto community is buzzing about the upcoming showdown between the SEC and Ripple. Everyone’s speculating about what might happen. Although there’s a basic decision already, Ripple’s leaders, Brad Garlinghouse and Chris Larsen, are still on track for a trial with a jury.

But here’s the twist – will the case even go to court? Keep reading.

Well-respected lawyer Fred Rispoli is now a big voice saying the trial might not actually happen. Rispoli explains why the SEC might skip a big showdown and what’s on the line.

Rispoli thinks that going after Garlinghouse and Larsen wasn’t just about the law. He believes the real goal was to push Ripple into a position where they might agree to a settlement. This means putting pressure on the important people in the company.

The Attorney’s Explanations

Rispoli points out several reasons why the SEC might be in a weak position:

1. Possible Court Setbacks: Putting SEC figures like Hinman and Clayton on the witness stand in New York, a politically charged environment, comes with risks. Associations with the “Trump Administration” could influence the jury against them.

2. Recklessness Claim Doubts: The SEC’s claim that Ripple was reckless in its institutional sales might not hold up, given the widespread acceptance of similar sales in the industry.

3. Lack of Clear Evidence: Differentiating between domestic and international sales is a challenge, as the evidence supporting the SEC’s stance appears weak.

4. Trial Team Changes: The SEC recently changed its trial team significantly, which might indicate internal issues or unpreparedness.

5. Tight Schedule: The SEC has a series of trials leading up to the Ripple case, raising concerns about their readiness.

Rispoli concludes that the SEC’s strategy might be to wait until the last moment, using its vast resources. In typical cases, both sides might settle to avoid high legal costs.

However, the SEC, funded by taxpayers, doesn’t feel the same pressure. Yet, if their risky strategy fails, the aftermath could be quite intriguing.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #RIPPLE

#XRP price is currently experiencing a bearish trend below the $0.45 mark against the US Dollar. There is a significant risk of further losses if the support level of $0.40 is breached.

During the previous week, #RIPPLE made an effort to rise above the $0.465 level against the US Dollar but encountered resistance from bearish forces near $0.47. As a result, the price dropped, following a similar pattern as Bitcoin and Ethereum.

XRP/USD experienced a significant downward movement, breaking below crucial support levels at $0.450 and $0.445. This decline continued below $0.4400, indicating that the bears have taken control. The price further breached the $0.4300 and $0.4200 levels, reaching a low point at $0.4100.

Currently, the price is consolidating its losses and is trading below both $0.4400 and the 50-hourly simple moving average. On the 4-hour chart of the XRP/USD pair, a connecting bullish trend line is forming, which offers support near $0.400.

if XRP/USD is unable to surpass the resistance zone at $0.4400, it may experience further downward movement. The initial support to watch for on the downside is around the $0.4100 level. Should the price break below this level, the next significant support can be found near $0.4000. A downside break and a close below $0.4000 could potentially lead to extended losses for XRP, with the price potentially testing the support zone at $0.3800.

The market capitalization of XRP is presently estimated to be $22,049,620,218. The 24-hour trading volume of the coin is around $1,142,872,717.

KEY LEVELS :

RESISTANCE LEVEL : $0.4350-$0.4500

SUPPORT LEVEL : $0.4100-$0.4000

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#coingabbar #crypto2023 #dyor