XRP's Trading Volume Surpasses Bitcoin Amidst SEC Lawsuit Victory

Bombolo | News and Media

In recent weeks, XRP, the cryptocurrency associated with Ripple, has witnessed a remarkable surge in trading volume and market interest. Despite facing a legal battle with the United States Securities and Exchange Commission (SEC), XRP has managed to outshine its competitors and regain its position as a prominent player in the crypto market.

Also Read: Anticipating Another Major Win: Ripple's Path to Success and the Future of XRP Price

The Impact of the SEC Lawsuit

In recent weeks, XRP, the cryptocurrency associated with Ripple, has witnessed a remarkable surge in trading volume and market interest. Despite facing a legal battle with the United States Securities and Exchange Commission (SEC), XRP has managed to outshine its competitors and regain its position as a prominent player in the crypto market.

Surge in Trading Volume

Kaiko's research report, released on July 17, revealed a significant 61% surge in XRP trading volume since the court's decision. As of Monday morning, XRP accounted for 21% of the global trade volume, surpassing Bitcoin, which stood at 20%. Ether, another major cryptocurrency, accounted for 8% of the trading volume during that period.

Also Read: Becoming a Millionaire with XRP: How Owning Less Than 100 Tokens Can Lead to Riches

Market Cap and Price Increase

The price of XRP soared to a 15-month high, accompanied by a surge in trading volume, reaching a 10-month high. Despite the relative moderation in trading volume due to global trading activity remaining subdued, XRP's market capitalization rose by a staggering $21.2 billion within hours of the court ruling. This boost in market cap propelled XRP to the fourth position among the largest cryptocurrencies, previously standing at seventh place.

Resilience Amidst Legal Challenges

One remarkable aspect of XRP's journey is its resilience in the face of the SEC lawsuit and the subsequent delisting of the token from various exchanges. Unlike other cryptocurrencies, XRP experienced minimal negative impact on its price and trading volume during that time. This resilience can be attributed to the unwavering support from the international crypto community.

Also Read: Ripple's Vision: Transforming Real Estate through Tokenization

International Support and Trading Activity

Despite the legal turmoil, XRP continued to garner substantial interest, particularly in South Korea. Upbit and Bithumb, two leading exchanges in the country, witnessed a staggering $467 billion in XRP trading volume after the SEC lawsuit was filed. Furthermore, Binance processed over $600 billion in XRP trades during the same period. These figures highlight the global appeal and investor confidence in XRP.

The Road Ahead: Potential Appeal and Ripple's Confidence

While the ruling has provided a significant boost to XRP, the SEC may choose to appeal the decision. Kaiko suggests that the SEC might pursue an appeal, potentially prolonging the legal battle. Despite this uncertainty, Ripple CEO Brad Garlinghouse remains confident that any appeal decision will favor Ripple and its associated cryptocurrency, XRP.

In conclusion, XRP's recent performance has been nothing short of impressive. With a surge in trading volume, market capitalization, and price, XRP has firmly reestablished its position in the crypto market. The resilience shown during the SEC lawsuit, along with unwavering international support, has further solidified XRP's standing among cryptocurrency enthusiasts and investors.

Also Read: Following Ripple's Legal Victory, XRP Skyrockets with 18x Increase in Trading Volume

FAQs

1. How did XRP perform compared to Bitcoin in terms of trading volume?

Between June 17 and July 17, XRP gained a 1% advantage over Bitcoin in trading volume, according to Kaiko's findings.

2. What impact did the SEC lawsuit have on XRP's trading activity?

Surprisingly, the SEC lawsuit and exchange delistings did not have a significant negative impact on XRP's price or volume at the time.

3. Which country showed the most interest in XRP during this period?

South Korea exhibited considerable interest in XRP, with exchanges like Upbit and Bithumb recording $467 billion in trading volume after the lawsuit was filed.

4. Will the SEC appeal the ruling?

There is a possibility that the SEC may appeal the recent ruling, as suggested by Kaiko's report.

5. What is Ripple CEO Brad Garlinghouse's outlook on the future?

Brad Garlinghouse remains confident that any appeal decision will be favorable to Ripple and XRP.