XRP futures open interest reaches $1.2 billion record

[Cordillerabit]

Positive news regarding the Ripple–SEC lawsuit saw XRP's price rally above $1 and its futures open interest to reach an all-time high.

XRP price's journey to $1 this year has been nothing short of spectacular, considering the ongoing Securities and Exchange Commission lawsuit against Ripple initiated in December 2020. The regulator alleges that XRP was a $1.3 billion unregistered securities offering, and both CEO Brad Garlinghouse and co-founder Christian Larsen are also in the crosshairs.

On Tuesday, Ripple Labs was granted access to the SEC's documents "expressing the agency's interpretation or views" on the subject of crypto assets.

Such news coincided with an explosive 75% rally in 30 hours, causing XRP to cross the $1 mark for the first time since March 2018.

It is worth noting that coincidently, on Monday, XRP posted a 10% gain following Ripple's announcement of a 40% stake acquisition in Tranglo, an Asian fiat money remittance company.

Source: Cointelegraph