- The open interest for XRP futures contracts reached a record $1.2 billion, indicating surging investor interest.
- John Deaton, a pro-XRP lawyer, defended Judge Torres’ recent ruling in the SEC vs Ripple case, rejecting criticism and asserting the need for fair crypto regulations.
The cryptocurrency landscape has witnessed a significant milestone, with XRP futures contracts’ open interest surging to an astounding $1.2 billion. Data analytics firm CoinGlass confirmed this development, marking the highest level of interest since November 2021. Such a spike in open interest – a key metric representing unsettled futures contracts – indicates mounting investor confidence, especially after a favorable court ruling for Ripple against the Securities and Exchange Commission (SEC).
Pro-XRP Lawyer Stands Firm Against Critics
This robust investor confidence parallels a stringent legal defense put forth by pro-XRP attorney, John Deaton. Reacting to critics of Judge Torres’ recent ruling in the SEC vs Ripple case, Deaton expressed staunch support for the judge’s application of the Howey factors in a series of tweets.
Deaton, known for challenging SEC’s approach towards cryptocurrencies, particularly Ripple’s XRP, maintained that his opposition to the SEC’s overreach wasn’t merely as an XRP investor. Instead, he emphasized his role as a legal advocate for transparent and fair regulations in the cryptocurrency sector.
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Firmly rebutting critics, Deaton praised Judge Torres’ decision, noting it as a judicious ruling rooted in a strict application of the Howey factors. The SEC’s inability to establish a common enterprise factor for XRP, according to Deaton, was evident in Torres’ verdict. Further, Deaton underscored the judge’s strong appeal record, predicting the SEC would require more than just luck to overturn her ruling. In essence, Deaton’s firm defense sends a clear message: justice and principle must steer cryptocurrency regulations.
Among cryptocurrency exchanges, Binance led with the highest open interest of $357 million, followed by Bitget ($198 million) and OKX ($71 million), with Bitmex at the lower end with $7 million. Ripple’s court triumph appears to be instilling confidence among investors, reinforcing optimism for the future of XRP and the broader crypto industry. At the time of reporting, XRP was trading at a steady $0.74 with a market cap surpassing $39 billion.
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