Ripple's court ruling in its SEC case gave a major boost to the price of XRP, as well as the cryptocurrency's trading volume, this week.
XRP has become the most traded cryptocurrency in the crypto market, following the huge bullish push it experienced following Ripple's new victory with the SEC. Last week, New York Southern District Court Judge Analisa Torres ruled in favor of the cryptocurrency company in the legal dispute it has been carrying out against the Securities and Exchange Commission (SEC) since 2020, after the securities regulator accused it of violating US federal laws.
During this protracted legal battle, Ripple has accumulated several wins on the securities regulator. The latest was the recent ruling issued by Judge Torres, who ruled that XRP is not a security in the country.
The price of XRP immediately skyrocketed after the news broke on July 13. Within hours, the cryptocurrency’s price had gained more than 72%. By Wednesday, July 19, the price of XRP had nearly doubled, approaching $0,85 per unit, according to data from CoinMarketCap.
Source: CoinMarketCap
The market reacts to Ripple's victory
As with the price of XRP, the trading volume on the market with this cryptocurrency has also risen exponentially. Cryptocurrency data platform Kaiko noted that XRP trading volume accounted for 21% of all cryptocurrency trading volume this week, surpassing the trading volume of Bitcoin and other major cryptoassets such as Ethereum and altcoins.
Currently, XRP is trading at 15-month highs and ranks as the fourth most capitalized cryptocurrency in the market, with over $41.720 billion.
In your report “XRP Volume Surpasses BTC Following Landmark Ruling”Kaiko noted that the market reaction to Ripple’s win was almost immediate. Several cryptocurrency exchanges such as Coinbase and Kraken, which had delisted XRP in the face of uncertainty over the SEC, relisted it after the court ruled that the company had not violated federal securities law by selling its token on public exchanges.
XRP maintains a strong presence in Asia
The data platform also highlighted that XRP’s delisting from US exchanges and the SEC lawsuit had not significantly affected XRP’s price or trading volume as the cryptocurrency remained strong overseas. “Korean exchanges in particular have seen huge volumes for XRP,” Kaiko noted.
Continue reading: Ripple introduces platform to issue stablecoins and CBDCs
Main image by Bitcoinhaber
