As the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple continues, the cryptocurrency community is betting that the blockchain company’s victory could open an alt season, which has led to an increase in open interest in XRP perpetual futures.
Indeed, the volume of XRP perpetual futures open interest has surpassed $600 million on five different crypto exchanges, increasing nearly $400 million over the previous seven days, according to the data and chart shared on Twitter by the crypto analytics platform Kaiko on March 31.
As Kaiko stated:
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“XRP perpetual futures open interest more than doubled this week on bets that a possible victory in Ripple’s lawsuit against the US SEC will trigger an alt season.”
Notably, ‘alt season’ is a slang term in the crypto community that signifies a period in which alternative digital assets, such as XRP, Solana (SOL), Polkadot (DOT), and gaming tokens, outperform the crypto market heavyweights Bitcoin (BTC) and Ethereum (ETH).
The highest volume was recorded on Binance, which has also found itself in the U.S. regulatory line of fire as the Commodity Futures Trading Commission (CFTC) filed a lawsuit accusing it of running an “illegal digital asset derivatives exchange,” as well as of “willful evasion” of U.S. law “while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit.”
XRP price analysis
Meanwhile, XRP was at press time trading at the price of $0.53, recording a decline of 2.95% in the last 24 hours but still advancing 19.13% across the previous week and an even more significant 41.10% over the past 30 days, as charts suggest.
Interestingly, XRP recently saw a strong increase in the social dominance of its network after crossing the $0.49 threshold and continuing above $0.50, and machine learning algorithms have projected that it would keep strengthening, despite Jim Cramer’s comments on the SEC case seemingly exerting a brief bearish effect.
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