The XRP derivative market indicates strong positive sentiment, some expect the SEC lawsuit to conclude soon.

Since March 24, the XRP Perpetual Futures Open Interest (PFOI) has increased significantly to approximately $610 million at its peak.

Open interest alludes to the quantity of open prospects contracts merchants hold toward the finish of an exchanging day. It is generally used to check market feeling and the strength hidden cost moves.

In contrast, perpetual futures are a type of derivative contract that are settled in cash rather than the underlying asset and have no expiration date.

XRP perps skyrocket

A rise in XRP PFOI was evident from the data platform Kaiko’s analysis.

XRP PFOI had remained relatively stable at around $300 million since the beginning of March. On the other hand, on March 22, PFOI experienced a significant increase, reaching as high as $500 million.

A downtrend continued until March 26. However, as the week began, futures traders began adding to the XRP PFOI, which reached a high of $610 million on Wednesday.

Kaiko’s additional research revealed that spot XRP daily trading volume fluctuated in tandem with PFOI, reaching a monthly peak of approximately $2.5 billion on two occasions.

Spot volumes are primarily driven by the Korean market, as shown in the graph below.

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SEC lawsuit drawing to a close?

The SEC brought charges against Ripple in December 2020 for allegedly raising more than $1.3 billion through the unregistered XRP token.

“the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.”

Both sides have made their points since then, and many observers have pointed out how weak the regulator’s arguments are.

Although Judge Torres has not yet rendered her final decision, many XRP supporters anticipate a favorable outcome.

Some members of the XRP community anticipate the outcome arriving before March 31. However, this deadline has not been officially confirmed.

It ought to be noticed that this date was a prescient gauge from James Filan – a legal counselor who has been observing this case.

The below daily chart depicts the spot price’s anticipation of the case conclusion around March 22. Since then, XRP has increased by 57%, reaching a 46-week high.