XRP outperforms the rest of the market with a 12.8% monthly increase despite market contraction, fueled by growing interest and legal developments.
A recent research report commissioned by Crypto.com, one of the leading crypto exchanges, shows that XRP has emerged as the best-performing asset in the crypto market, with a remarkable 12.8% month-over-month increase.
#Crypto Month-to-Month Leaders…
— Mr. Intuitive 🏴☠️ Trumors Only. (@BlackberryXRP) June 7, 2023
The report noted that this significant growth came despite the market contraction experienced at the beginning of the week, with XRP sustaining an upward trajectory. And on a year-to-date scale, XRP has witnessed an impressive change of over 50%, keeping its value above the $0.50 mark.
XRP Open Interest Crosses $500M
Similarly, the report captured recent data from Kaiko, a pro-grade market data provider. According to Kaiko, there has been a significant surge in open interest for XRP since the last week of May. The open interest has reached yearly highs of more than $500 million, further bolstering XRP’s position as a prominent player in the crypto space.
For the uninitiated, Open Interest (OI) refers to the total number of outstanding derivative contracts, like futures or options, at a specific time, indicating the number of contracts that have been entered into but not yet closed, exercised, or expired.
In the crypto market, OI provides insights into trading activity and market sentiment. Consequently, a high open interest suggests active trading and substantial interest.
Developments Surrounding the SEC Lawsuit
Notably, the report attributed the surge in XRP demands to recent developments surrounding the lawsuits between Ripple and the US Securities and Exchange Commission (SEC).
As reported by The Crypto Basic, the court previously ruled in favor of Ripple, noting that the SEC cannot shield the highly contested Hinman document from public view. The public eagerly awaits the release of the unredacted documents by June 13, which has added to the anticipation surrounding the case.
While no specific date has been set for the final judgment, the community remains hopeful that a decision will be reached before the year concludes. As XRP continues outperforming its crypto market counterparts, investors and market participants eagerly await further developments in Ripple’s legal battle.
The fact that the Ripple litigation is getting closer to the end indicates that XRP might have already finished a journey that the rest of the market is only about to begin, as the SEC recently filed charges against Binance and Coinbase, labeling several assets securities.