On October 3, Judge Torres's statement regarding the appeal order necessity triggered a surge in Ripple's price. But, XRP investors, beware, as the SEC might still appeal the case.
🤔 What's Happening with XRP? SEC Appeal Alert!
Following this surge, Gabriel Shapiro, General Counsel at Delphi Labs, reminded us that the SEC could still take this case to appeal. The regulatory body must wait for the outcome of the trial scheduled for April 23, 2024.
🌐Ripple Expands: Singapore License for Payment Services!
In a recent announcement on October 4, Ripple revealed it had obtained a license in Singapore, allowing it to offer payment services through its local entity, Ripple Markets Asia Pacific. Once it secures the necessary approvals, the company will commence operations, opening up new possibilities for users.
According to the Ripple team, this license will transform XRP into an institutional bridge currency, further scaling its On-Demand Liquidity service. It aims to eliminate the need for pre-funding accounts and reduce operational costs.
📈XRP's Rollercoaster Ride: What's Next?
While XRP's recent surge has excited investors, the futures market remains relatively quiet. Open interest, measuring the nominal value of active contracts, increased by 13% compared to the previous day. However, the current $590 million open position falls short of the $794 million seen the previous month.
XRP's futures funding rate consistently remains below 0.01% every eight hours, equivalent to a weekly rate of 0.20%. Positive rates accommodate leveraged long positions, but a funding rate below 1% per week is typically considered inexpensive.
Despite recent positive news, XRP struggles to break past the elusive $0.54 mark from the last six weeks, and the futures market hasn't seen a strong surge in leveraged demand. This suggests that despite recent developments, XRP investors might be cautiously approaching the potential bull run.
Join the discussion and share your thoughts on these exciting developments in the world of Ripple and XRP!
