XRP's $800M Surge: Cryptocurrency Traders Anticipate 'Alt Season' Amid Ripple-SEC Verdict

If XRP is deemed a security by the court, it will have implications for other alternative cryptocurrencies, subjecting the wider market to more stringent supervision. However, investors are optimistic about the outcome of Ripple Labs' legal battle against the US Securities and Exchange Commission, and this sentiment is driving interest in the XRP futures market. The notional open interest has increased by nearly 90% to $843 million since XRP rallied by 57% on March 22, reaching a 10-month high of about 58 cents. Funding rates are positive on most exchanges, indicating the dominance of bullish leverage traders. Ripple's victory is expected to boost the broader market, while a loss could reignite risk aversion.

It is worth noting that Ripple and XRP are not the same thing. Ripple is a fintech company focused on creating a global payments network, while XRP is an independent digital asset used for online payments and currency swaps. The SEC charged Ripple Network with selling unregistered securities in 2020 after it sold $1.3 billion worth of XRP, but Ripple maintained that XRP is a commodity, not a security.