XRP Set For A Fresh Rally? Analytics Firm Flags Jump In Open Interest: 'Investors Are Opening More Positions With The Expectation Of Price Increase'
Portfolio Pulse from Aniket Verma
XRP sees a significant rise in open interest, indicating bullish sentiment among investors. The resignation of SEC executive David Hirsch has fueled optimism for a favorable outcome for Ripple Labs, which is pushing for a lower fine against a $2 billion SEC settlement. Despite a recent 1.5% drop, the increase in long positions suggests a potential rally.
June 19, 2024 | 8:04 am
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XRP sees a significant rise in open interest, indicating bullish sentiment among investors. The resignation of SEC executive David Hirsch has fueled optimism for a favorable outcome for Ripple Labs, which is pushing for a lower fine against a $2 billion SEC settlement. Despite a recent 1.5% drop, the increase in long positions suggests a potential rally.
The rise in open interest and long positions indicates that investors are expecting a price increase. The resignation of a key SEC executive who was aggressive against crypto companies adds to the bullish sentiment. However, caution is advised due to potential market swings.
CONFIDENCE 85
IMPORTANCE 90
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