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.

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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.

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The XRP daily chart indicates a prolonged period of price rejection, lasting for multiple weeks. However, a significant development has occurred as the price has successfully established support at the 200-day moving average, currently standing at $0.41.

This breakthrough has set in motion an upward trend in the market. Accordingly, the recent phase of rejection can be characterised as a mid-term consolidation correction stage, playing a pivotal role in facilitating a robust and sustainable bullish rally. 

In recent days, #RIPPLE has demonstrated a significant bullish surge. Notably, while Bitcoin's price has maintained a relatively stable position, XRP has exhibited an impressive upward movement, recording a noteworthy 11% surge over the past four days.

XRP is demonstrating encouraging indications as it remains above the $0.4450 mark against the US Dollar, mirroring the behaviour observed in Litecoin. There is a potential for further growth if the price successfully exceeds the $0.5000 level. It is worth noting that XRP has strengthened its position above $0.4100, establishing a solid foundation and embarking on a renewed upward trajectory.

XRP made a significant breakthrough by surpassing the resistance levels at $0.4350 and $0.4450, signifying a shift in market dynamics where the bulls have taken control. Moreover, the price of XRP successfully exceeded the $0.4600 level and proceeded to break through the resistance zone at $0.4700.

As a result of this breakthrough, the bulls are now positioned to surpass the psychological level. XRP reached a pinnacle of $0.4730, prompting profit-taking at higher levels. Currently, XRP is trading above $0.4500 and maintains a position above the 50 hourly simple moving average.

At the $0.470 zone, an initial resistance level emerges for XRP, coinciding with the formation of a crucial bearish trend line on the 4-hour chart of the XRP/USD pair. Another significant resistance is observed around the $0.482 mark, while the primary resistance level is positioned at $0.488. A successful breakthrough above these resistance levels could propel the price of XRP towards the $0.520 and $0.535 resistance levels, potentially triggering a surge in price. 

However, in the event that XRP is unable to surpass the resistance zone at $0.480, there is a possibility of further downward movement. The initial support on the downside can be found around the $0.455 mark or the 61.8% Fibonacci retracement level, which corresponds to the upward movement from the swing low at $0.4329 to the high at $0.4869. Subsequently, the next significant support level lies near $0.440. If XRP declines below this level and closes below it, it could lead to an extended loss and a potential test of the support zone at $0.400.

Based on Price Analysis, the current market capitalization of #XRP is approximately $24,046,165,147. Moreover, the coin's trading volume over the past 24 hours stands at around $1,487,702,654.

KEY LEVELS :

RESISTANCE LEVEL : $0.4750-$0.4880

SUPPORT LEVEL : $0.4550-$0.4400

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.

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XPPL Labs has made a breakthrough in its efforts to enhance XRP Ledger and establish it as a strong competitor to Ethereum. Its most recent accomplishment involves the successful conclusion of a comprehensive security audit on the Hooks amendment, a vital element that will expand the range of services available to users.

In partnership with cybersecurity firm FYEO, the cutting-edge framework underwent an external security evaluation. The primary aim of this audit was to obtain an impartial assessment of the overall security status of the amendment and identify any potential risks or vulnerabilities.

The assessment was conducted remotely from Jan. 31 to March 14, 2023, and the results were extremely positive. XRPL Labs has reported that no significant security issues were uncovered. Although a few moderate and several minor issues were detected, the team of developers promptly addressed and resolved them.

What is the point?

According to Wietse Wind, a prominent ecosystem developer, Hooks play a pivotal role in bridging the gap between XRPL and Ethereum. This amendment allows for the creation of customized logic and automation within the core ledger, granting transactions increased intelligence and convenience.

By incorporating the amendment, users gain the ability to add tailored on-ledger functionalities, exercise control over transaction flow, generate new transactions and retrieve information from the ledger. Hooks brings smart contract capabilities to XRP Ledger's foundational layer, significantly enhancing the ecosystem's inherent capabilities.

#XRP #RIPPLE #crypto2023 #BinanceTournament

Pro-crypto lawyer and legal representative for XRP holders John Deaton has provided clarity regarding his statement about the possible end of the SEC's case against Ripple on May 6. According to Deaton, the suggestion is based on a previous case by the same judge, Analisa Torres, who then granted summary judgment 60 days after her Daubert decision.

This term in U.S. jurisprudence refers to a decision based on a legal ruling that sets standards for the admissibility of scientific and expert testimony in court. In the SEC's case against Ripple, the Daubert decision was to exclude the testimony of SEC witness Patrick Doody, hired by the regulator to analyze the motives of XRP buyers.

Nothing concrete

Given that the exclusion of Doody's evidence occurred on March 6, and previous experience with this judge suggests that another 60 days should elapse, one would expect the case to be resolved by May 6, says Deaton. However, the lawyer immediately stresses that he does not consider it an exact date, only that he would be surprised, but not shocked, if it did happen.

All in all, a potential end date of May 6, based on previous experience, may offer investors and enthusiasts some insight into when the SEC's case against Ripple will be resolved. As many had previously expected, including Ripple CEO, Brad Garlinghouse, things would be settled in the first half of 2023. However, as is often the case with any legal case, there is always the possibility of unexpected delays.

#XRP #RIPPLE #crypto2023 #crypto #Binance

XRP experienced an intraday loss of 1.50%, indicating a strong presence of sellers exerting control over this altcoin.

#XRP as experienced three rebounds from the downsloping trendlines of this pattern, confirming the significant impact it has on market participants. Consequently, in the event of a bearish sentiment prevailing in the broader market, it is highly probable that the price of XRP will retreat lower.

The 4-hour chart of XRP reveals a trading pattern characterised by channel formations, where the price oscillates between the upper and lower boundaries of the channel. Currently, XRP is touching the highs and lows of this channel pattern. As long as the descending channel remains intact, there is a possibility for the downward trend in XRP price to continue. However, if there is a breakout above the upper trendline of the channel pattern, it may present a favourable opportunity for traders to enter long positions.

#RIPPLE recently reached a peak of $0.4755, leading to profit-taking as prices climbed higher. Currently, XRP is trading below $0.4600 and remains below the 50-hourly simple moving average.

At the price level of $0.465, XRP encounters an initial resistance level, which aligns with the formation of a significant bearish trend line on the 4-hour chart of the XRP/USD pair. Another notable resistance level is identified around $0.482, with the primary resistance situated at $0.488. If there is a successful breach above these resistance levels, it has the potential to drive the price of XRP towards the resistance levels at $0.520 and $0.535. This upward movement could potentially initiate a substantial surge in price for XRP.

If XRP fails to overcome the resistance zone at $0.480, there exists a potential for subsequent downward momentum. The initial support level on the downside can be identified at approximately $0.45. Following that, the next notable support level is situated around $0.440. If XRP drops below this level and closes below it, it may lead to an extended decline and a probable test of the support zone at $0.400.

Based on Price Analysis, the current market capitalization of XRP is approximately $23,561,442,530. Moreover, the coin's trading volume over the past 24 hours stands at around $852,715,480.

KEY LEVELS :

RESISTANCE LEVEL : $0.4650-$0.4800

SUPPORT LEVEL : $0.4450-$0.4300

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 #feedfeverchallenge #crypto2023

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Pro-XRP lawyer Bill Morgan recently slammed Elizabeth Warren in a post shared on X, spotlighting Coinbase CLO's SEC takedown.

STORY HIGHLIGHTS
Pro-XRP lawyer Bill Morgan Spotlights Coinbase CLO's post.Coinbase CLO rebukes the U.S. SEC concerning its lawsuit with Kraken.Morgan draws attention to Warren's anti-crypto stance, falling in line with that of the SEC's.
In a social media post shared on X today, March 1, pro-XRP lawyer Bill Morgan hammered Elizabeth Warren, a member of the Democratic Party, concerning her positive stance on the U.S. SEC’s overreach in crypto assets. While the SEC faces backlash globally, Morgan’s post specifically cracked down on Coinbase CLO Paul Grewal’s SEC rebuke regarding Kraken’s enforcement case.
We get it. The whole world is against the SEC’s overreach in crypto except a few people such as @ewarren with agendas and motives that are anything but a concern with consumer protection. https://t.co/vlYdQtezfi— bill morgan (@Belisarius2020) March 1, 2024

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Notably, the U.S. SEC sued Kraken, a renowned cryptocurrency exchange, on grounds of operating illegally, as of November 2023. In recent developments orbiting this legal chronicle, the state of Montana filed a rather remarkable amicus brief, contending that the regulatory body transgressed its authority, stepping into a jurisdiction that rightfully belonged to the states.
Coinbase CLO’s Remarks Mirrors Global SEC Critique Sentiment
According to Grewal’s post shared on X, the SEC’s so-called ‘ecosystem’ theory is unlawful and threatens the nation’s citizens. “States have a strong interest in preventing the potential preemption of consumer protection and other state laws by the SEC’s attempt to regulate crypto assets as securities,” Grewal stated, further criticizing the regulatory body’s ‘much-eyed ecosystem.’ Seven other states have joined Montana’s call for an amicus brief in the Kraken lawsuit, weighing in on the SEC’s overreach, while also opposing it.
In support of neither party, Montana just filed a rather remarkable amicus brief in the SEC’s enforcement case against Kraken. 7 other states support it. Here’s why those states all think the SEC’s “ecosystem” theory is unlawful and in fact a danger to their citizens: 1/5— paulgrewal.eth (@iampaulgrewal) March 1, 2024

Meanwhile, numerous other factors, such as the regulatory entity’s abrupt exercise of this undelegated authority, puts consumers at risk nationwide. This falls in line with the global takedown witnessed by the SEC, as the regulatory body forged ahead with multiple lawsuits with some of the most renowned crypto services firms across the world.

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Morgan Pulls In Warren Amid SEC’s Takedown
As mentioned above, while the whole world criticizes the American regulatory body, Elizabeth Warren appears to be siding with its anti-crypto stance. Warren’s previous chronicles, such as criticizing the successful commencement of Bitcoin ETFs and her close ties to Gary Gensler, Chair of the Securities and Exchange Commission, further support the anti-crypto sentiment mentioned above.
Concerning this, Morgan stated, “Warren is someone with agendas and motives that are anything but a concern with consumer protection,” nabbing global attention.

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#Bitcoin #Altcoin #Cryptocurrency #XRP #RIPPLE