- XRP has surged by over 13% since 15 May.
- The rally has seen investors’ sentiment spiking to a four-month high.
The timing of a decision in the widely publicized legal dispute between Ripple Labs [XRP] and the United States Securities and Exchange Commission (SEC) was the subject of heightened speculation at press time.
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With forecasts and conjectures of a probable resolution in the next few weeks circulating, XRP’s speculative interest has steadily increased lately.
According to digital assets data provider Kaiko, the Open Interest (OI) in XRP futures rose sharply since the last week of May, touching yearly highs of over $500 million.
XRP has surged by 13% in the same time period, as per data from CoinMarketCap. An increase in OI combined with an increase in price is perceived as new money entering the market via buying, validating the bullish sentiment.
Interest in XRP is back
Further proof that the traders were taking bullish positions was reflected in the funding rates for the sixth-largest crypto by market cap. Since 25 May, funding rates, which measure the cost of holding long or short positions, have been positive as per Coinglass, signaling that more investors are hoping to profit from price increases.
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Author: Suzuki Shillsalot
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