As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market fluctuations and lawsuits. The ongoing SEC lawsuit against Ripple Labs has not caused any sudden price changes in XRP that I’ve noticed. In the past year, XRP only experienced significant rallies three times: after Judge Torres’ summary judgment, when the SEC dropped charges against Ripple executives, and during the pre-Bitcoin halving bull market rally in March.
The price of XRP has remained relatively stable in response to the SEC’s lawsuit against Ripple Labs. In the past year, there have been only three significant price surges for XRP: the judge’s summary judgment in the case, the SEC’s decision to dismiss charges against Ripple executives, and the bull market rally before the Bitcoin halving in March.
Why May Monthly Options Expiry Is Crucial
As a market analyst, I’ve observed that Ripple’s victory in the ongoing lawsuit and the anticipated US Federal Reserve rate cuts starting in March have fueled optimistic trading behaviors among investors. Consequently, they have placed bullish wagers on futures and options for May 31 expiry. The significance of this crypto market options expiry on May 31 cannot be overstated, as it is expected to bring about substantial volatility throughout the entire market.
The Deribit platform’s data reveals that XRP option contracts with strike prices as high as $1.1 have been traded. Nevertheless, the most recent options expiry data demonstrates a maximum potential price, or “strike price,” of only $0.54. This information might rekindle optimism among traders and potentially contribute to further price growth for XRP.
As a researcher studying the options market for XRP, I’ve discovered that approximately 5,260 XRP options with a total notional value of around $2.81 million are scheduled to expire on May 31st. The put-call ratio for these options stands at 0.22, which is considered favorable by traders due to its skew towards call options. Additionally, based on the max pain point analysis, there’s a slight indication that the XRP price may rise slightly above $0.54 prior to expiration.
XRP’s price hovers around $0.535, showing little directional movement over the past day. The lowest and highest points within this period were recorded at $0.5238 and $0.5399 respectively. Notably, there has been a substantial surge in trading activity, with a 82% increase in volume within the last 24 hours, signaling heightened investor attention.
As a crypto investor, I believe that XRP‘s price will be robust in the upcoming weeks, with its maximum resistance level lying at $0.54. Simultaneously, the total open interest for XRP futures contracts has climbed up to 1.18 billion XRP, which translates to a value of approximately $629.82 million.
Latest Update on Ripple Vs SEC
In the ongoing XRP lawsuit, all parties involved – the plaintiff, defendant, and third parties – are currently in a holding pattern, anticipating Judge Torres’ final ruling during the remedies phase. This decision is expected to follow after the motion to seal has been addressed. However, legal experts engaged in the XRP case predict an earlier judgment, potentially as early as the third quarter of 2024.
The Securities and Exchange Commission (SEC) is pushing for a total fine of $2 billion against Ripple Labs and has objected to Ripple’s attempt to keep certain evidence under wraps. According to the SEC, Ripple’s proposed redactions would conceal crucial information that are vital for the court to make informed decisions regarding penalties in the upcoming remedies phase.
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2024-05-28 00:57