The price surge in sec settlement agreement XRP is $2.37, up 6.81% over 24 hours.
⚈XRP will then target $2.40 with potential range-bound deals ranging from $2.58 to $2.75.
XRP Open Interest measures the number of derivative locations open at any time, but is close to a month’s height.
As of May 8, such positions were over 1.5 billion, with 1,509,021,450 to be exact. This represents a 13.37% spike from the approximately 1.3 billion (1,330,942,764) position that was operating a day ago, according to data analyzed by Finbold and obtained from the market data platform. Encryption.
This high level of interest in speculative XRP position quickly surpassed the current month height on April 28, reaching a total of 1,521,467,165 position, up just 0.82% from reading on May 8.
Surge in XRP prices and open interest
At pressing on May 9th, the XRP priced at $2.37, with 6.81% moving upside down in the last 24 hours.
The main driver of the rally was the Securities and Exchange Commission (SEC) filing a settlement agreement regarding the long-standing Ripple v. SEC case. With significant past obstacles set, XRP prices have skyrocketed in anticipation of the much higher institutional adoption that is currently possible.
The next target for XRP is $2.40. And, with the exception of the market-wide bearish turn, digital assets are likely to exceed their threshold in close terms. Beyond that, the token may experience a short range bound transaction with an area of between $2.58 and $2.75, and then there is no major barrier before the $3 mark.
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