Over the past week, the XRP token has dominated the headlines following Ripple’s partial victory over the US Securities and Exchange Commission (SEC).
On July 13, Judge Analisa Torres of the United States District Court for the Southern District of New York ruled ruled that XRP does not qualify as a security that leads to a massive price increase in which the token has risen by almost 90%.
While it seems like XRP’s positive effect on the market is waning and most assets are moving into a bearish state, there is still a lot of interest in this altcoin, as revealed by a recent report from the prominent crypto exchange Bitrue.
Bitrue users accumulate $800 million in XRP in the futures market.
In the wee hours of yesterday, a crypto analyst with Twitter @cowboycrypto313 revealed that Bitrue had shared a report with its users via email, noting a massive increase in the face value of the XRP token’s outstanding interest.
Related reading: XRP price retreats after massive 80% rally, buy the dips?
The notional value of interest due refers to the total value of outstanding contracts in a futures or options market. In this context, it represents the total value of XRP on the Bitrue exchange based on what its traders have promised to buy or sell in the future.
In this report, Bitrue states that XRP holdings in its Futures service rose from less than $200 million to more than $800 million over the weekend. Interestingly, the exchange further revealed that 88% of users have a long position in this asset.
According to a chart shared by Bitrue, the par value of outstanding interest for XRP on its platform has been below $200 million for most of the past two weeks. However, after the court ruling on July 13, this index began to rise, with the XRP Futures market recording a notable spike on July 16.
Source: Twitter
XRP is up 57% in seven days
In other news, XRP continues to be the focus of the crypto market’s attention, gaining 56.73% in the past week, according to data from CoinMarketCap. Currently, XRP, which is now the fourth largest cryptocurrency, is tagged as the biggest weekly winner.
Nevertheless, it is worth noting that this token has shown little to no price movement over the past few days, with the price hovering around $0.74. At the time of writing, XRP is trading at USD 0.742 with a gain of 1.14% on the last day.
Related Reading: BTC Price Analysis: Why Is Bitcoin Down Today?
However, the daily trading volume has dropped sharply by 40.29% to its current value of $2.41 billion. Other big weekly winners include Stellar (XLM) and Synthetix (SNX), whose market prices are up 25.75% and 30.24%, respectively.
XRP Trading At $0.7445 On The 4-Hour Chart | Source: XRPUSD Chart On Tradingview.com
Featured image of Business Standard chart from Tradingview.
