The XRP price surge to its highest in 15 months while the trading volumes also shot up to a 10-month high following a favorable ruling in the SEC lawsuit.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
On Monday, July 17, Ripple’s native cryptocurrency XRP surpassed Bitcoin trading volumes. Ever since the court ruling of XRP not being ‘security’, the trading volumes of XRP have surpassed all other cryptocurrencies in monthly trading volumes, reported Kaiko.
According to a research report published on July 17, there has been a significant surge in XRP trading activity since the court ruling. The report reveals a 61% increase in XRP trading volume. As of Monday morning, XRP accounted for 21% of the global trade volume, surpassing Bitcoin, which stood at 20%. Ether, on the other hand, accounted for 8% of the trading volume during that period.
XRP has reached its highest price in 15 months, and the trading volume has also reached its highest level in 10 months. However, the report suggests that global trading activity remains relatively low, which may explain the moderate increase in trading volume. Interestingly, the volumes of other altcoins, excluding XRP, did not experience the significant boost that was anticipated.
#XRP has surpassed #BTC as the highest volume asset 👀
Since last week's court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO
— Kaiko (@KaikoData) July 17, 2023
Soon after its ruling, Ripple’s XRP added more than $21 billion to its market cap. Although the XRP price has seen some retracement since the July 13 rally, it is still holding around $0.75 as the fourth largest cryptocurrency with a market cap of over $38 billion.
Kaiko’s report highlighted that XRP managed to withstand the SEC lawsuit filed in 2020 with minimal negative effects, largely due to international support. Notably, there was sustained interest, especially in South Korea, with Upbit and Bithumb reporting substantial trading volumes of $467 billion. Binance also recorded over $600 billion in trades during that time.
In the recent court filing in the Southern District of New York, Judge Analisa Torres has assigned the US SEC vs. Ripple lawsuit to Magistrate Judge Sarah Netburn for general pretrial matters and potential settlement discussions.
Judge Netburn has instructed Ripple and the US SEC to coordinate and agree upon three suitable dates for a settlement conference, provided they believe it would be beneficial at this stage.
It’s important to note that settlement conferences must be scheduled well in advance, typically 6-8 weeks, due to the court’s busy calendar. “The Court will likely be unable to accommodate last-minute requests for settlement conferences, and the parties should not anticipate that litigation deadlines will be adjourned in response to late requests for settlement conferences,” the filing notes.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.