The cryptocurrency market continues to attract participants due to its dynamic changes. XRP, one of the popular cryptocurrencies, has faced a correction and changes in futures open interests, raising questions about the asset's future.
Current State of XRP Futures
The recent 25.7% decline in XRP led to a significant decrease in interest in futures contracts, namely a 37% drop in open interest. However, an 8% daily market growth was recorded when XRP repeatedly hit the $2.30 support level. The futures premium quickly returned to a neutral 5% level after a brief drop to $1.76, indicating returning investor confidence.
Speculation and Impact on Value
XRP's value often changes under the influence of rumors and unverified news. Some influencers claim about the possible role of Ripple's CEO in a U.S. government council, but this remains unverified information. Others claim banks may become nodes in the Ripple network for XRP access, contradicting the company's current strategy of integrating tokenized assets.
Legal Issues and Future of XRP
The main legal issue related to Ripple involves the U.S. Securities and Exchange Commission's lawsuit over potential unregistered securities sales. Despite the emergence of a more crypto-friendly government, the outcome of the litigation is unlikely to significantly affect XRP's adoption trajectory or its use in the banking sector.
XRP remains an asset of interest to both retail investors and major market participants. However, for confident growth, it must overcome both market fluctuations and legal barriers. Nevertheless, its potential for further development remains intact.
