“On January 16, Ripple’s XRP crypto asset approached its ATH of $3.4 on Bitfinex, Kraken and Binance for the first time since January 2018. Against the backdrop of a rapid price increase (+16% per day), the open interest in futures for the Ripple token reached a record $7.7 billion. Source: Coinglass. At the time of writing, the asset is trading around $3.32. The asset’s capitalization is $190.9 billion, according to CoinGecko. In a week, the coin rose in price by almost 45%. […]”, — write: businessua.com.ua
On January 16, Ripple’s XRP crypto asset approached its ATH of $3.4 on Bitfinex, Kraken and Binance for the first time since January 2018.
Against the backdrop of rapid price growth (+16% per day) open interest in futures for the Ripple token reached a record $7.7 billion.
Source: Coinglass.
At the time of writing, the asset is trading around $3.32. The asset’s capitalization is $190.9 billion, according to CoinGecko. In a week, the coin rose in price by almost 45%.
The current rise in quotations occurred against the background of the submission SEC appeals against the court’s decision in the case of Ripple Labs. The legal backlog has been ongoing since December 2020, when the regulator accused the company of selling unregistered securities worth $1.3 billion.
In July 2023, a court ruled that programmatic sales and other distributions of XRP do not constitute the offer and implementation of investment contracts. However, this did not apply to institutional purchases of the coin in the amount of more than $700 million.
The SEC now intends to appeal its partial loss.
Investor fears caused by this appeal have outweighed optimism about the political climate for cryptocurrencies in the US, according to Ryan Lee, chief analyst at Bitget Research. According to him, the market attractiveness of the asset has also been increased by the institutional acceptance of the RippleNet payment network.
“If the regulatory uncertainty is resolved, an influx of institutional investors could further strengthen XRP’s position in the cryptocurrency market,” Lee added.
Earlier, Santiment analysts said that the main factor behind the coin’s growth was large-scale purchases of whales.
We will remind you that in December 2024, Ripple received permission to start trading in the RLUSD stablecoin.
The source