Bitrue, an XRP-focused exchange, has experienced a significant surge in XRP futures holdings by its platform users. In just two days, the total value of XRP futures on Bitrue has skyrocketed from under $200 million to an impressive $800 million, reflecting the growing demand and bullish sentiment towards XRP.
The surge in XRP futures holdings was revealed in a recent email sent to Bitrue users. The notional value of open interest on the platform witnessed a remarkable four-fold increase, reaching $800 million in just two days. This surge in value can be attributed to the recent classification of XRP as a non-security asset, which injected a renewed sense of optimism and interest in XRP.
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Read Also: Just In: Coinbase to Relist XRP Following Ripple and XRP Big Win Against the SEC
Prominent XRP community influencer, Cowboy Crypto, drew public attention to the email in a recent tweet, sparking further discussion about the growing interest in the cryptocurrency.
The data shared by Bitrue also shed light on the prevailing sentiment among users. It was disclosed that a striking 88% of Bitrue users have taken long positions on XRP, indicating a strong belief in the future growth and potential of the cryptocurrency.
In addition to the surge in XRP futures holdings, Bitrue has observed a notable surge in XRP trading volume. In the past 24 hours, spot trades for XRP on Bitrue alone amounted to $47.8 million. Impressively, the perpetual market on Bitrue, with the XRP/USDT pair, demonstrated even more remarkable figures, with a 24-hour volume of $1.13 billion according to data from CoinMarketCap.
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
Ripple Case Ruling and Market Sentiment
The recent ruling in the Ripple vs. SEC case by Judge Analisa Torres has had a profound impact on market sentiment toward XRP. On July 13, Judge Torres declared that XRP is not a security, leading to a surge in positive market sentiment surrounding the cryptocurrency.
Consequently, XRP witnessed an impressive rally, with its value increasing by 99% in a single day, rising from $0.4710 to $0.9380. Furthermore, this ruling prompted numerous exchanges to relist XRP, reigniting investor interest and leading to a surge in trading volumes.
According to a report, demand for XRP has skyrocketed to record highs. On July 13, XRP’s 24-hour trade volume hit an all-time high of $10.4 billion, marking the highest trade volume for XRP since August 2021. The surge in Bitrue’s XRP futures holdings aligns with this broader trend of increasing demand and activity surrounding the cryptocurrency.
Read Also: Ripple Wins SEC Lawsuit: Analyst Predicts Massive Surge for XRP, Targets $3
Current XRP Status and Performance
At the time of filing this report, XRP is trading at $0.7601, with a 3.45% in the last 24 hours. However, XRP has gained substantial momentum over the past seven days, recording an impressive 60% increase. These numbers highlight the positive sentiment and potential for further growth in the near future.
As Bitrue users hold $800 million worth of XRP and the majority maintain a bullish outlook, it is evident that the demand for XRP is on the increase. The favorable ruling in the Ripple vs. SEC case has played a significant role in driving market sentiment, leading to increased interest and activity surrounding XRP. With regulatory clarity and record-breaking demand, the future prospects for XRP appear promising.
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