XRP surged 17% to lead market-wide gains as the long-running case between the closely related Ripples Labs and the U.S. Securities and Exchange Commission (SEC) reached a milestone settlement.
Markets positively reacted to Ripple's settlement as prices of XRP zoomed to 65 cents from 50 cents after the ruling, with trading volumes jumping to $4.2 billion in the past 24 hours from Tuesday's $1.2 billion.
Data shows that over 60% of these traders have a long bias and expect prices to increase further.
Meanwhile, open interest-or the number of unsettled futures contracts-on XRP-tracked futures rose by $200 million in the wake of the ruling, indicative of new money entering the market.
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