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Summary ⚈ XRP open interest fell from 1.52B to 1.37B as price dipped 5.3%. ⚈ Despite declines, XRP’s long/short ratio remains near 1-month highs, signaling optimism. ⚈ Ripple v. SEC case conclusion could trigger a market-wide boost for XRP. XRP’s open interest has seen a marked decline since the token dropped below $2.20 in the opening days of May. On April 28, the number of open XRP derivatives positions reached a 1-month high of 1.52 billion. By May 6, the cryptocurrency’s open interest had declined to 1.37 billion per data retrieved by Finbold from market intelligence platform CryptoQuant , indicating a greatly lessened degree of speculative betting on the part of traders. XRP open interest on April 28 and May 6. Source: CryptoQuant In the same timeframe, the price of XRP declined from $2.26 to $2.14 — a 5.3% drop. By press time on May 7, the token’s price had further declined to $2.13, bringing XRP year-to-date (YTD) returns down to just 2.58%. XRP pr...

After the United States Securities and Exchange Commission (SEC) reignited the legal fight against blockchain company Ripple over its sales of XRP (XRP) with an appeal to a key ruling, many are wondering about the token’s future and artificial intelligence (AI) algorithms are not optimistic. Indeed, the SEC’s legal team has filed a Notice of Appeal of District Judge Analisa Torres’s final ruling from August 7, 2024, which orders Ripple to pay a $125 million penalty for selling XRP to institutional buyers instead of the $2 billion demanded by the SEC, as Finbold reported on October 3. AI’s XRP prediction In this context, Finbold consulted the advanced AI algorithm over at the cryptocurrency monitoring and forecasting platform PricePredictions for the price of XRP on October 31, 2024, and it has set it at $0.488745, predicting further declines by the end of the month. Picks for you ...