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XRP Perpetual Futures Open Interest (PFOI) has surged since March 24, peaking at around $610 million.
Open interest refers to the number of open futures contracts held by a trader at the end of the trading day. It is commonly used to measure the underlying strength of market sentiment and price movements.
A perpetual futures contract is a type of derivative contract that does not expire, but is cash-settled rather than settled on the underlying asset.
XRP Purp Soars
Analytics from data platforms travel XRP PFOI showed a surge.
Since the beginning of March, XRP PFOI has remained relatively stable at around $300 million. However, on March 22nd, his PFOI jumped to $500 million.
The downtrend continued until March 26th. However, as futures traders piled on this week, he began to pull XRP PFOI significantly higher, reaching $610 million on Wednesday.
Further analysis from travel Spot XRP’s daily trading volume fluctuated in parallel with PFOI, with two monthly peaks of around $2.5 billion.
The chart below shows spot volume driven primarily by the Korean market.
Is the SEC litigation coming to an end?
In December 2020, SEC It has indicted Ripple, alleging it raised over $1.3 billion through unregistered XRP tokens.
“Defendants failed to register their offers and sales of XRP in violation of the registration provisions of the Federal Securities Act or did not satisfy exemptions from registration.”
Both sides have since put forward their claims, with many observers pointing to the weakness of the regulator’s claims.
Many XRP supporters are hoping for a favorable decision, but Judge Torres has yet to render a final verdict.
Part of the XRP community expects results to be delivered before they are delivered March 31stHowever, there is no official confirmation of this deadline.
This date is James Filan – Lawyers who have been monitoring this case.
The daily chart below shows the expected outcome of the case affecting spot prices around March 22nd. Since then, XRP has surged 57% at its peak, reaching a 46-week high.
