Connect with us
Active Currencies 14739
Market Cap $2,551,131,363,846.72
Bitcoin Share 51.56%
24h Market Cap Change $-4.25

Why XRP pumped despite the Binance-SEC lawsuit

2min Read

With forecasts and conjectures of a probable resolution in the next weeks circulating, XRP’s speculative interest has steadily increased lately.

Why XRP pumped despite the Binance-SEC lawsuit

Share this article

  • XRP has surged by over 13% since 15 May.
  • The rally has seen investors’ sentiment spiking to a four-month high.

The timing of a decision in the widely publicized legal dispute between Ripple Labs [XRP] and the United States Securities and Exchange Commission (SEC) was the subject of heightened speculation at press time.

Is your portfolio green? Check out the XRP Profit Calculator

With forecasts and conjectures of a probable resolution in the next few weeks circulating, XRP’s speculative interest has steadily increased lately.

According to digital assets data provider Kaiko, the Open Interest (OI) in XRP futures rose sharply since the last week of May, touching yearly highs of over $500 million.

Source: Kaiko

XRP has surged by 13% in the same time period, as per data from CoinMarketCap. An increase in OI combined with an increase in price is perceived as new money entering the market via buying, validating the bullish sentiment.

Interest in XRP is back

Further proof that the traders were taking bullish positions was reflected in the funding rates for the sixth-largest crypto by market cap. Since 25 May, funding rates, which measure the cost of holding long or short positions, have been positive as per Coinglass, signaling that more investors are hoping to profit from price increases.

Source: Coinglass

The rally has also seen investors’ sentiment spiking to its near four-month highs, as per Santiment. The buzz around the date of the resolution also made XRP the favorite of crypto-centric social channels, as indicated by the coin’s sharp increase in social volume.

Source: Santiment

The end is near

While the exact date for the summary judgement remains shrouded in mystery, the coming months could involve a lot of action as per legal experts. Based on an existing trend, prominent pro-XRP lawyer Jeremy Hogan recently took to Twitter to predict that the likely decision may come by mid-July.

Moreover, the XRP community is upbeat about the upcoming release of controversial Hinman documents on 13 June, which allegedly contains details that contradict the SEC’s argument in the case against Ripple.

The SEC had previously filed a move to seal Hinman’s emails and exclude them from the lawsuit, which Judge Analisa Torres dismissed.

Read Ripple’s [XRP] Price Prediction 2023-24

Another proponent of XRP and digital assets, attorney John E Deaton, seemed confident of Ripple Labs’ victory in the controversial lawsuit filed by the SEC in December 2020, which has now entered its third year.

Experts and market participants are closely following the legal battle owing to the implications for the broader crypto market.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.