Bitrue Witnesses Surge in XRP Futures Holdings Following Ripple vs. SEC Ruling
Texas-based crypto influencer draws attention to Bitrue email disclosing a significant increase in XRP futures holdings on the exchange.
Bitrue, a prominent cryptocurrency exchange, has reported a remarkable surge in XRP futures holdings by its platform users, resulting in a substantial increase in the notional value of open interest.
XRP Notional Value Soars by Over 300% in Two Days, Reflecting Bullish Sentiment: BitrueÂ
In an email sent to its users, Bitrue revealed that the notional value of open interest had spiked by over 300% within just two days, soaring from under $200 million to $800 million. The data also highlighted that 88% of Bitrue users had taken long positions on XRP, indicating a strong bullish sentiment in the market.
The disclosure from Bitrue comes after Cowboy Crypto, a Texas-based XRP community influencer, shared the email with the public through a recent tweet. A chart included in the email displayed the fluctuation in the notional value of open interest on the platform, showing a decline to less than $200 million from July 3 to July 13. However, an upward trend was observed from July 14 following the pivotal ruling in the ongoing Ripple vs. SEC case.
Email from Bitrue regarding #XRP.
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Holdings have increased from under $200m USDT of XRP, to over $800m USDT of XRP in just the last two days. 88% long. pic.twitter.com/n4LMJhMrsh— Cowboy.Crypto (@cowboycrypto313) July 17, 2023
The surge in XRP futures holdings led to a skyrocketing of the notional value of open interest, reaching $800 million by July 16. Notional value refers to the total value of a specific asset that market participants have committed to buying or selling in the future. Open interest, on the other hand, represents the number of outstanding contracts for a particular asset at any given time. This disclosure from Bitrue provides valuable insights into the overall size of XRP positions held by its users, emphasizing the significant increase in bullish sentiment.
The surge in XRP’s notional value and the overwhelming majority of long positions held by Bitrue users coincide with the recent ruling by Judge Analisa Torres in the Ripple case. On July 13, Judge Torres declared that XRP is not a security, leading to a positive market sentiment surrounding the asset. In response to the ruling, XRP experienced a substantial rally, with its value surging by 99% from $0.4710 to $0.9380 on the same day. This price movement prompted numerous exchanges to relist XRP, and trading volumes soared as investors reignited their interest in the cryptocurrency.
The surge in XRP futures holdings on Bitrue demonstrates the confidence and optimism of market participants following the Ripple vs. SEC ruling. The increased notional value and the predominance of long positions indicate a strong belief among Bitrue users that XRP will continue to experience positive price momentum shortly. As the market continues to react to the regulatory clarity provided by the court ruling, the cryptocurrency industry eagerly watches the developments surrounding XRP and its potential impact on the broader market.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
