The digital currency ecosystem is experiencing a notable recovery, particularly around XRP as its price gained attention following the United States Securities and Exchange Commission's (SEC) conclusion of its lawsuit against Ripple Labs.
XRP Demand Surges After Decline
Recent data indicates a significant 13% jump in XRP's price following the conclusion of the legal battle between Ripple Labs and the SEC. This event prompted a broader market rally and caused a shift in the coin’s liquidation.
Price Support and Even Liquidation
As of the time of writing, CoinGlass data notes XRP liquidation in the past 24 hours at $36.96 million, amounting to more than 14,890,000 XRP. Unlike previous liquidation trends, the current ratio shows equal losses for both long and short traders.
XRP Prospects Post Futures Launch
Shortly after the Ripple and SEC news, Bitnomial launched the first XRP futures contract in the United States, which might set the stage for the emergence of a full-blown XRP ETF product in the country. With XRP now in the clear as a nonsecurity, the broader XRP Ledger ecosystem might welcome an influx of developers.
The XRP price continues to maintain an upward trend, reflecting increased confidence in the cryptocurrency post-lawsuit conclusion. New market products like XRP futures may provide support for further growth in this area.
