XRP's 66% surge in the past 24 hours has pushed it ahead of $BNB in terms of market valuation. Reports godbole17.
Meanwhile, the second part of the ruling has determined that XRP is a security, according to CoinShares’ Head of Product, Townsend Lansing.
"The Court has found Ripple to be in violation of securities laws, specifically in relation to direct sales to institutional investors. As such, XRP is not only deemed a security, but questions have arisen regarding the legality of its offering.
"It is important to note that institutional investors who purchased directly from Ripple may find themselves subject to class-action litigation as potential underwriters. This is an area to watch closely, especially if big-name venture capitalists were involved," Langsing added. Traders have yet to focus on the second part of the ruling, as evident from the price surge and the bullish positioning in the perpetual futures market.The perpetual futures market is biased bullish as suggested by positive funding rates.
show aggregated volume-weighted perpetual futures funding rates worldwide have jumped to the highest since at least December. The open interest-weighted rates have risen to a four-month high.Funding rates are periodic payments of an asset between bullish long and bearish short position holders in the perpetual futures market. A positive funding rate means longs are dominant and are paying shorts to keep their positions open.
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