XRP Holdings Soared 300% on Bitru Exchange

During the past week, the XRP token has been in the headlines following Ripple’s partial court victory over the United States Securities and Exchange Commission (SEC).

On July 13, Judge Annalisa Torres of the US District Court for the Southern District of New York ruled on that xRP does not qualify as a security, which has led to a massive price increase, with the coin rising by almost 90%.

Although it may appear that XRP’s positive impact on the market is waning, with most assets turning bearish, there is still a high level of interest surrounding this altcoin, according to a recent report from major crypto exchange Bitrue. is proved by

Bitrue users deposit $800 million worth of XRP in the futures market.

Late last night, a crypto analyst with the Twitter handle @cowboycrypto313 revealed Bitrue had shared a report with its users via email, which showed a huge increase in the predicted value of the open interest of the XRP token.

Related Reading: XRP Price Plunges After Huge 80% Gain, Buy on the Decline?

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

In this report, Bitrue says that XRP holdings in its futures service jumped from less than $200 million to more than $800 million during the weekend. Interestingly, the exchange further revealed that 88% of its users hold long positions on this asset.

According to a chart shared by Bitrue, the estimated value of open interest for XRP on its platform has remained below $200 million for most of the past two weeks. However, after the court’s decision on July 13, the index started to rise, with a significant increase being recorded on the XRP futures market on July 16.

Source: Twitter

XRP surged 57% in seven days

In other news, XRP continues to be the center of attention of the crypto market, registering a gain of 56.73% in the past week. data from coinmarketcap, Currently, XRP, which now ranks as the fourth largest cryptocurrency, is tagged as the biggest weekly gainer.

Nevertheless, it is worth noting that the coin has shown little or no movement in price over the past few days, with its price hovering around the $0.74 region. At the time of this writing, XRP is trading at $0.742, up 1.14% over the last day.

Related Reading: BTC Price Analysis: Why Is Bitcoin Down Today?

However, it has seen a massive drop of 40.29% in its daily trading volume and is currently valued at $2.41 billion. Other major weekly gainers include Stellar (XLM) and Synthetix (SNX), with their market capitalization 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.