XRP’s price booked an incredible 100% gain on the same day as the landmark ruling in the XRP securities case, but buyers are now struggling to hold on to these gains. 

The price surge came after Judge Analisa Torres of the United States District Court for the Southern District of New York ordered that XRP (XRP) sales to retail investors do not qualify the token as a security in the U.S. Securities and Exchange Commission’s (SEC’s) case against Ripple.

While the trading interest in XRP is reviving, the technical and network usage data hint at a short-term pullback.

Traders flock to XRP but network growth stalls

According to CoinGlass data, the open interest volume for XRP futures contracts, which represents the total value of open bets for the asset, surged to its highest point since November 2021, reaching $1.19 billion on July 20.

XRP’s spot trading volumes topped Bitcoin (BTC) and Ether (ETH), and U.S.-based exchanges like Gemini and Coinbase Go to Source to See Full Article
Author: Nivesh Rustgi

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