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

Ripple's token, XRP, has surpassed the resistance level of $0.52 against the US Dollar, indicating a rise. While other altcoins such as ADA and BNB are experiencing losses, XRP remains in a bullish zone.

Over the past few days, #XRP faced a downward correction after reaching the $0.540 resistance level against the US Dollar. It temporarily fell below the support zone of $0.52, following a bearish trend similar to Bitcoin and Ethereum.

Despite the initial dip below the $0.52 support zone, bullish momentum was observed near the $0.4750 level in Ripple's XRP price. A low point was established around $0.4720, and the price has since started to climb.

In contrast, altcoins like ADA and BNB continued to experience downward movements. Notably, XRP managed to surpass the 50% Fibonacci retracement level, which measures the downward move from the swing high of $0.5418 to the low of $0.4720. This recovery has allowed XRP to trim most of its losses.

Currently, #RIPPLE is trading above both the $0.515 level and the 100 hourly simple moving average, indicating a positive trend. It is presently testing the 76.4% Fibonacci retracement level, which measures the upward move from the swing high of $0.5418 to the low of $0.4720. This suggests that XRP is making progress in recovering from its recent decline.

The $0.535 zone represents the initial resistance for XRP's upward movement. Additionally, a significant bearish trend line is taking shape, indicating resistance near $0.535 on the 4-hour chart of the XRP/USD pair. The first notable resistance level is situated around $0.545. If XRP successfully breaks through this resistance, it has the potential to target the $0.565 resistance level. Further gains beyond that point might lead to a test of the $0.580 resistance.

If XRP encounters difficulty in surpassing the $0.535 resistance zone, a potential downside correction could ensue. The initial support on the downside can be found around the $0.515 level, followed by a more significant support near $0.500. Should the price experience a downward break and successfully close below the $0.500 level, it could lead to further losses for XRP. In such a scenario, the price may potentially revisit the $0.480 support zone.

According to Price Analysis, the current market capitalization of XRP is estimated to be around $27,554,846,132. Additionally, the trading volume of XRP over the past 24 hours has been approximately $1,362,373,788.

KEY LEVELS :

RESISTANCE LEVEL : $0.5450-$0.5650

SUPPORT LEVEL : $0.5200-$0.5100

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 #BinanceTournament #crypto2023

The ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, a blockchain company, has been widely publicized. Amidst this backdrop, a commissioner within the SEC has spoken out against the agency's tactics in the cryptocurrency sector, characterizing them as a territorial struggle.

Hester Peirce, who has gained recognition for her vocal criticism of the regulator, has accused the SEC of engaging in "regulation by ambiguity" and "jurisdictional maximalization." This includes the launch of cases like the one against Ripple, which may be aimed at expanding the SEC's authority. These allegations were reported by Wired on April 26.

Enforcing instead of guiding

As per the report, Peirce commented that "one way to plant a flag is to bring enforcement action. It says: This is our space." However, she also highlighted a major issue with this approach, namely that the SEC has not provided sufficient guidance for cryptocurrency firms to ensure compliance. This lack of guidance leaves these firms in a state of uncertainty and confusion.

“We haven’t done our job as a regulator. We have not provided a road to compliance. (…) [Businesses and consumers] have to be able to know whether they’re dealing with a security or not because when they don’t know, they can’t move forward—it paralyzes them.”

Peirce further contends that the SEC's actions are detrimental to the United States' ambitions of becoming a hub for technological innovation in the financial sector. By driving companies away with unclear and inconsistent regulation, the country is missing out on potential opportunities for experimentation and growth.

"It's disheartening because it reveals the inability of regulators to adapt to new technologies and asset classes," Peirce lamented. "We are demonstrating an inability to provide any room for experimentation."

Legal developments

Meanwhile, John E. Deaton, a legal expert who is an amicus curiae for Ripple, revealed some details of his Amicus Brief. In it, he challenged the SEC to provide evidence of any other situation that is comparable to what the agency is attempting to establish in the ongoing Ripple case.

John E Deaton@JohnEDeaton1

Deaton emphasized that the nature of an asset does not change simply because it is offered and sold as an investment contract or security. For example, oranges remain oranges, and XRP remains digital code.

Meanwhile, the XRP community is eagerly awaiting news regarding a Zoom hearing on class certification for a class-action lawsuit filed against Ripple in 2020 in a California court. In this lawsuit, Ripple is accused of selling the XRP token as an unregistered security, as stated by defense attorney James K. Filan.

As of April 27, XRP is trading at a price of $0.46, with a 2.22% decrease on the day following a sharp drop from $0.48 to $0.44. However, the cryptocurrency seems to be recovering and attempting to reverse its losses of 6.05% in the last week and 4.01% over the past month, according to the latest data.

#xrp #SEC #RIPPLE #crypto2023 #lawsuit

Source: finbold

image Source: Photo by Traxer on Unsplash

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

In a recent report by Bank of America, Ripple's technology and its potential to revolutionize cross-border payments, particularly in the Asia-Pacific (APAC) region, have received praise from one of the largest banks in the United States. The report titled "Breaking New Ground: Harnessing Payments Innovation in APAC" emphasizes the transformative power of blockchain in digitizing trade documents and highlights Ripple's frictionless remittance solutions. #XRP #RIPPLE

Recognition of Ripple's Technology:

Bank of America acknowledges the cost-saving benefits of Ripple's technology and its ability to eliminate intermediaries in international payments. By leveraging blockchain, Ripple reduces transaction costs associated with cross-border transactions, making it an attractive option for financial institutions. The bank sees Ripple's work in the cross-border payments space as a potential exception that can enhance the value and competitiveness of products while improving financial health and profitability. $XRP #BOFA

APIs Driving Real-time Payments:

Bank of America recognizes the crucial role of APIs in driving the adoption of real-time payments. APIs have significantly transformed customer connectivity and transaction processing, facilitating the implementation of real-time payment solutions. The bank emphasizes the importance of technology in enabling real-time payments and highlights the role of Ripple's technology in achieving this goal.

Partnerships and Adoption Challenges:

Ripple Labs has formed partnerships with various financial services providers worldwide, highlighting the growing interest in its technology. However, the report acknowledges that many major financial institutions remain hesitant to adopt Ripple's technology due to the company's legal issues in the United States. Ripple has been engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC) since 2020 over allegations of violating federal securities laws.

Potential Impact on Global Payments Ecosystem:

If Ripple's technology achieves widespread adoption and integration into the existing traditional financial infrastructure, it could bring significant changes to the global payments ecosystem. The frictionless remittance solutions offered by Ripple have the potential to streamline cross-border transactions and enhance efficiency in the payments industry. #BankOfAmerica

XRP's Price Outlook:

Despite growing optimism about a favorable outcome in Ripple's ongoing SEC lawsuit, XRP's price has faced resistance from bears, preventing a significant price increase. At the time of publication, XRP, the sixth-largest cryptocurrency by market capitalization, was trading around $0.4674, experiencing a slight decline over the last day. The future trajectory of XRP's price remains uncertain.

In Summary:

Bank of America's recognition of Ripple's technology and its potential to revolutionize cross-border payments in the APAC region highlights the growing interest in blockchain and its transformative power in the payments industry. While Ripple faces legal challenges, its frictionless remittance solutions and cost-saving benefits continue to draw attention from financial institutions worldwide. As the adoption of Ripple's technology evolves, it has the potential to reshape the global payments ecosystem and drive innovation in the industry.