XRP News Today: XRP Open Interest Surges 13.37% as Prices Rise 6.81% on SEC Settlement Hopes

XRP open interest, a metric that gauges the number of derivatives positions open at any given time, is approaching a one-month high. As of May 8, there were slightly more than 1.5 billion such positions open, specifically 1,509,021,450. This figure represents a 13.37% increase from the approximately 1.3 billion positions that were open the previous day.

This surge in speculative interest in XRP positions could potentially exceed the current one-month high, which was recorded on April 28 with 1,521,467,165 positions, just 0.82% higher than the May 8 reading. The high level of interest in XRP derivatives suggests a growing anticipation and engagement within the market.

In tandem with the rise in open interest, XRP prices have also surged. At the time of reporting on May 9, the price of XRP was $2.37, reflecting a 6.81% increase over the past 24 hours. This price movement is largely attributed to the Securities and Exchange Commission (SEC) filing a settlement agreement letter regarding the ongoing Ripple v. SEC case. The potential resolution of this longstanding legal battle has sparked optimism among investors, leading to a significant price rally as the prospect of increased institutional adoption becomes more tangible.

Looking ahead, XRP's next target is $2.40. Given the current market sentiment and the absence of significant bearish indicators, it is likely that the digital asset will surpass this threshold in the near term. Following this, XRP could experience a period of range-bound trading between $2.58 and $2.75. Beyond this range, there are no substantial barriers preventing the token from reaching the $3 mark, indicating a bullish outlook for XRP in the short to medium term.