The Timing of the Ripple Labs vs. SEC Lawsuit Decision
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.
Increased Speculative Interest in XRP
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.
Revival of Interest in XRP
Further proof that traders were taking bullish positions was reflected in the funding rates for the sixth-largest crypto by market cap. Since May 25, 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.
The rally has also seen investors’ sentiment spiking to its near four-month highs, as per Santiment. The buzz around the date of the resolution also made XRP the favorite of crypto-centric social channels, as indicated by the coin’s sharp increase in social volume.
The Anticipated Resolution and Hinman Documents
While the exact date for the summary judgment remains shrouded in mystery, the coming months could involve a lot of action as per legal experts. Based on an existing trend, prominent pro-XRP lawyer Jeremy Hogan recently took to Twitter to predict that the likely decision may come by mid-July.
Moreover, the XRP community is upbeat about the upcoming release of controversial Hinman documents on June 13, which allegedly contain details that contradict the SEC’s argument in the case against Ripple.
The SEC had previously filed a move to seal Hinman’s emails and exclude them from the lawsuit, which Judge Analisa Torres dismissed.
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