Quick overview

Live XRP/USD Chart

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Ripple (XRP) faces increasing downside risks, reflecting a decline in market sentiment. As of now, XRP is down more than 1 percent at $2.22, despite steady interest in the token, especially in the derivatives market.

The Open Interest (OI) for XRP futures stands at $4.61 billion, up 23.2 percent from its June low of $3.54 billion. OI represents the total value of all futures and options contracts that have not yet been closed or settled. A sustained rise in open interest indicates a growing risk-on sentiment when traders bet on future price increases.
XRP remains in limbo after the SEC stayed silent for another week in the Ripple case. Investors await the SEC’s decision on whether it will appeal the Programmatic Sales of XRP ruling.

The SEC has yet to comment on Ripple’s appeal after the company announced it would withdraw its cross-appeal. Regarding Judge Analisa Torres’ repeated denials of joint motions for an indicative ruling on settlement terms, the SEC has also remained silent.

The SEC’s closed meeting provided SEC Chair Paul Atkins and the Commissioners their first opportunity to vote on whether to dismiss the appeal. A formal announcement may be awaited until the closed meeting on July 10.

Ripple CEO Brad Garlinghouse stated: “Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’re doing.”
Exchanges now hold 3.41 billion XRP tokens, up nearly 4.4 percent from the 3.23 billion recorded on June 25.

The rise in exchange balances increases the risk to XRP’s price because investors are more likely to sell when transferring assets between exchanges, according to Glassnode data. Any potential recovery could be hindered by overwhelming selling pressure, which could reduce upward price movements if the uptrend persists. Monitoring this in the coming days and weeks remains crucial