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The open interest on XRP-tracked futures has surged beyond $1.1 billion in the last 24 hours, surpassing the $1 billion mark reached last week and establishing a new record high for the year.

Data indicates that XRP tokens exhibited a remarkable surge for the second consecutive day, with gains of up to 6%. Notably, while other prominent cryptocurrencies remained relatively stable, XRP soared to touch 80 cents, reaching the same peak as last week, before encountering a modest retracement.

Open interest, which refers to the number of outstanding futures contracts, has experienced a 21% surge since Tuesday. This increase in open interest indicates a heightened level of speculation on various assets, including tokens or stocks, as it implies an influx of fresh capital into the financial market. Typically, such a development suggests an anticipation for the current trend to persist.

The largest share of these positions, valued at $443 million, is held on the crypto exchange Binance, with Bitget coming in second at $250 million.

XRP open interest has surged to a record high. (Coinglass)

The surge in XRP token popularity can be attributed to a recent court ruling in the United States. Last week, the court declared that the sale of XRP on exchanges should not be classified as investment contracts. As a result, XRP experienced a remarkable increase of up to 96% shortly after the court's decision. This surge was accompanied by a significant rise in trading volumes, reaching billions of dollars immediately after the ruling.

In the Asian afternoon hours on Wednesday, both Bitcoin and Ether displayed a remarkable resilience as they surpassed their respective support levels of $30,000 and $1,900. This impressive recovery came on the heels of a momentary downturn, triggered by traders capitalizing on the previous day's bullish surge and subsequently causing a brief slide.