• Ripple (XRP) has set a new 2023 record for open interest in its futures contracts.
• The surge is attributed to the recent legal victory of the company against the US Securities and Exchange Commission.
• Open interest stands at $1.05 billion across multiple exchanges, surpassing a past high of $1.08 billion on July 13th.
Ripple (XRP) Breaks Another 2023 Record
Ripple’s XRP cryptocurrency has been making waves lately after the company won a major legal battle against the US Securities and Exchange Commission last week. This sent XRP prices into the stratosphere, with an increase of over 70%. Now, XRP has broken another yearly record – open interest in XRP futures contracts have skyrocketed throughout the past few days following the ruling that secondary sales of XRP do not constitute investment contracts.
What Is Open Interest?
Open interest is calculated by summing up all open positions regardless of whether they are long or short, and subtracting those that have been closed. It is a metric that could provide valuable insights and help make better investment and trading decisions. Currently, the open interest stands at $1.05 billion across multiple exchanges, surpassing a past high of $1.08 billion on July 13th – this is now the highest XRP futures open interest has been since the beginning of 2023.
The Impact Of The SEC Ruling
The ruling from last week had an immediate impact on Ripple’s fortunes as it was listed back in several exchanges due to them deeming it no longer as an ‘investment contract’ meaning it would not be subject to securities laws by default – this has led to more people being interested in investing into Ripple’s native cryptocurrency XRP due to its newfound freedom from regulation-related issues which could potentially lead to higher rates of adoption and use for everyday transactions in addition to trading purposes for investors looking for quick gains through volatile markets such as crypto assets like Bitcoin, Ethereum or Litecoin amongst others.
What Does This Mean For The Future Of Ripple?
It remains to be seen what will happen next with regard to Ripple but one thing is certain – its newfound freedom from regulatory constraints will likely result in increased adoption and usage which may translate into higher prices if demand continues to grow exponentially as it did over recent weeks after news broke about their win against SEC allegations leveled against them earlier this year were dismissed finally giving them some much needed respite amidst turbulent times within crypto markets due mainly caused by uncertainty surrounding legal proceedings between different countries around world regarding how digital assets should/must be regulated accordingto their respective jurisdictions laws governing financial activities involving such assets classifications etc., which ultimately affects traders confidence when deciding whether or not invest into any particular asset before putting money down on table so knowing exactly what kind risks they might incur upon doing so helps alleviate some those fears keeping them safe & secure whilst allowing them reap rewards associated with owning cryptocurrencies without having worry too much about potential problems arising down line due lack clear government oversight regulations currently applicable today most countries outside few select ones who have taken steps forward towards implementing such measures already – time will tell how things pan out over coming months/years ahead however there certainly optimism abounds within community right now especially considering number large corporate entities joining fray recently indicating growing acceptance amongst mainstream institutions/corporations worldwide slowly yet surely!
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