XRP Futures Contracts Open Interest Peaks at $1.2B, Highest Since November 2021

Investor interest in Ripple's digital token XRP has soared, setting a new record since November 2021. As of July 20, the open interest for XRP futures contracts had reached a staggering $1.2 billion, according to data from CoinGlass.

Timeline of Xrp

For over a week, the XRP price resonated in a narrow sideways trend limited between two converging trendlines. This consolidation came after a massive rally on July 13th and was meant to stabilize the price trend and prolong the bullish trend.

In a stinging critique of SEC chairman Gary Gensler, Ripple's top lawyer Stuart Alderoty compared the chairman to a flat-earther for his perceived inability to understand that the token is not a security.

Renowned crypto lawyer John Deaton, who represents over 75,000 XRP holders, said on July 23 that an SEC appeal will not necessarily change the outcome of the Ripple ruling. In the ever-changing landscape of crypto regulations, the recent Ripple ruling has sparked hope and uncertainty for the crypto industry.

After demonstrating a 73.1% momentum gain over a week ago, the XRP price closed that day's candle near the $0.82 per token zone and moved further into distribution for some and accumulation for others. What makes this particular price point interesting is its historical significance — the same value at which the XRP price halted its momentum back in the fall of 2018.

Influential lawyer and legal representative of XRP holders, John Deaton, has unveiled crucial insights into the possibility of appealing the decision in the SEC's case against Ripple. He took to social media to clarify that an appeal does not necessarily mean a setback for crypto proponents.

Ripple Labs Inc's General Counsel Stuart Alderoty has attacked the United States Securities and Exchange Commission (SEC) over its unrelenting effort to crack down on the crypto ecosystem through its alleged security war. Ripple CLO Presumes SEC is Political Alderoty shared a tweet in response to an earlier tweet from the company's CEO, Brad Garlinghouse

After securing a partial win in its case involving the SEC, Ripple's Managing Director for the UK and Europe revealed the firm recently applied for registration in the UK and Ireland. Ripple's recent landmark victory in its case involving the SEC has spurred a renewed interest in the firm and its native token XRP.

Prominent Pro-XRP lawyer John E. Deaton has downplayed the potential effects of an appeal by the United States Securities And Exchange Commission (SEC) in its ongoing case against Ripple on the sale of the XRP token as an unregistered security.

The XRP community is struggling with a significant rise in profit-booking actions due to repeated attempts at smashing through the unbreakable $0.85 resistance barrier, resulting in a severe loss of traction for the Ripple altcoin price. The market is now anxiously awaiting the answer to the crucial question: Will the bullish forces muster enough strength to strengthen and defend the critical $0.70 support level?

Since the landmark ruling in the Ripple vs. Securities Exchange Commission (SEC) case, where the judge declared XRP tokens are not securities, attention has shifted to the regulator's potential appeal of the decision.