XRP Holdings On Bitrue Exchange Surges By 300%

Semilore Faleti

1 year ago

3 mins read

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Over the last week, the XRP token has dominated the headlines following Ripple’s partial court victory over the United States Securities and Exchange Commission (SEC).

On July 13, Judge Analisa Torres of the US District Court of the Southern District of New York ruled that XRP doesn’t qualify as a security leading to a massive price surge in which the token gained by almost 90%.

However, while it may appear that XRP’s positive effect on the market is waning, with most assets slipping into a bearish state, there is still a high level of interest surrounding this altcoin, proven by a recent report from prominent crypto exchange Bitrue.

Bitrue Users Accumulate $800M Worth Of XRP In Futures Market.

In the late hours of yesterday, a crypto analyst with the Twitter handle @cowboycrypto313 revealed that Bitrue had shared a report via email with its users, noting a massive increase in the notional value of the open interest of the XRP token.

The notional value of open interest refers to the total value of outstanding contracts in a futures or optional market. In this context, it represents the total value of XRP on the Bitrue exchange based on what its traders have pledged to buy or sell in the future.

In this report, Bitrue states that XRP holdings in its Futures service spiked from less than $200 million to over $800 million during the weekend. Interestingly, the exchange further revealed that 88% of its users are holding a long position on this asset.

According to a chart shared by Bitrue, the notional value of open interest for XRP on its platform had been below $200 million for the majority of the last two weeks. However, following the court ruling on July 13, this index started rising, with the XRP Futures market recording a notable spike on July 16.

Source: Twitter

XRP Soars By 57% In Seven Days

In other news, XRP remains the center of the crypto market attention, recording a 56.73% gain in the last week, according to data from CoinMarketCap. Currently, XRP, which now ranks as the fourth-biggest cryptocurrency, is tagged biggest weekly gainer.

Nevertheless, it is worth noting that this token has shown little to no price movement in the last few days, with its price hovering around the $0.74 region. As of this writing, XRP is trading at $0.742 with a 1.14% gain on the last day.

However, its daily trading volume has seen a sharp decline falling by 40.29% to its current value of $2.41 billion. Other major weekly gainers include Stellar (XLM) and Synthetix (SNX), with their market prices rising by 25.75% and 30.24%, respectively.

XRP Trading At $0.7445 On The 4-Hour Chart | Source: XRPUSD Chart On Tradingview.com

Featured Image From Business Standard, Chart From Tradingview.

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

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Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

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Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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