XRP News: Ripple CEO Debunks SEC Decentralization Test Claim

In a recent development in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), Ripple’s CEO Brad Garlinghouse has set the record straight on a claim made about the SEC’s views on XRP’s decentralization.

Ripple’s CEO Fact-Checks Ethereum’s Decentralization Test Claim at SEC

Ripple CEO Brad Garlinghouse responded to a claim by Fox Business panelist Charles Gasparino that the US Securities and Exchange Commission (SEC) believes XRP passes the “Ethereum decentralized test.” Garlinghouse clarified that there is no such test at the SEC and labeled the claim as fiction. The SEC had filed a lawsuit against Ripple Labs in December 2020, alleging the company violated US securities laws by selling $1.3 billion worth of XRP.

Bitnomial Launches CFTC-Approved XRP Futures

Bitnomial, a crypto derivatives exchange, has announced the launch of its XRP futures contract, marking the first-ever U.S. Commodity Futures Trading Commission (CFTC)-regulated XRP futures product in the country. The product ties futures contracts directly to token performance for more accurate risk assessments and reflects a shift toward aligning crypto trading with structured market practices. The approach may encourage traders to adopt clearer hedging strategies and suggests a broader market trend toward blending digital assets with traditional finance methods. The exchange confirmed that its existing clients will gain access to the new offering starting March 20, 2025. This comes shortly after the U.S. Securities and Exchange Commission (SEC) withdrew its lawsuit against Bitnomial.

Analyst Predicts XRP Price Could Rebound To $4

Crypto analyst CoinsKid has predicted that the XRP price could soon rally to $4, a new all-time high (ATH) for the altcoin. However, he warned that XRP bulls must hold the line to avoid a potential drop to as low as $1.64. If the altcoin takes out the local January 2025 high of around $3.4, it could rebound to as high as $4. Failure to hold the 20 Weighted Moving Average could spark a deeper correction for XRP.

XRP Open Interest Declines Over $3 Billion in 3 Months

The XRP Open Interest (OI) has severely declined, losing over $3 billion in almost three months. This indicates waning confidence among traders and investors in XRP’s short-term outlook. The decline comes amidst significant market volatility and instability. According to Coinglass data, XRP’s OI surged to $7.87 billion around January 18, 2025, contributed by exchanges like Binance, Bybit, and Bitget, but has since gradually decreased.