Ripple Wins, Interest In Futures XRP Increases Drastically

Interest in XRP futures contracts increases. (Photo; Doc. Coin24)

JAKARTA - Interest in XRP futures (futures) reached a new record of more than US$1.1 billion (Rp16 trillion) as Ripple celebrated victory against the SEC.

Data from Coininglass, a crypto information platform and trading platform, shows that an open interest in XRP futures contracts that surpassed the US 1 billion dollars (IDR 14.9 trillion) in 24 hours last week, set a new record high for 2023.

The increase in XRP prices indicates an increase in demand for these assets. Usually, this means that the inflow is larger and indicates that market sentiment can last for a while.

Currently, XRP is trading at a price of IDR 12,600, with an 11.1% increase in the last 24 hours and 79% in the last 7 days. The court's decision to support Ripple Labs Inc. has made a huge profit on XRP price performance.

Last week, the District Court in New York's Southern District ruled that XRP was not a security. This decision ended the legal feud between Ripple and the SEC which lasted for years. The decision also boosted the price of XRP by 98% in the following hours. In addition, XRP's asset valuation also increased to 46.1 billion US dollars (Rp690 trillion).

Commenting on Ripple's victory, Gary Gensler as SEC Chair, expressed his disappointment with the court's decision. The SEC is currently "viewing and assessing that opinion". With this victory, Ripple hopes that US banks and financial institutions will use the On-Demand Liquidity (ODL) product for cross-border transactions. ODL products are a quick and cost-effective way to complete foreign financial transactions.

At the same time, Ripple also warned the XRP community to be careful of fraud or scamming that tries to exploit positive sentiment around Ripple and XRP. CTO David Schwartz insists that there are no special offers, gifts, or airdrops initiated by the company to celebrate this victory.