As per the Kaiko data, the inability of top exchanges to allow XRP trading during the suit resulted in a strong surge in XRP trading interest that has shot up since the ruling.
As per crypto analytics firm Kaiko, Ripple’s native crypto XRP is seeing a strong surge in demand skyrocketing to a 4-year high as seen before Ripple was embroiled in a legal battle with the US Securities and Exchange Commission (SEC).
In its latest research report, Kaiko said that the demand for XRP is back. “Since last year’s landmark court ruling, which granted Ripple Labs a partial victory against the SEC, demand for XRP in US markets has grown steadily. The share of US platforms in global XRP volume has increased from less than 2% to 14% over the past year, matching levels from before the SEC suit,” the report noted.
Photo: Kaiko
As per the Kaiko data, the inability of top exchanges to allow XRP trading during the suit resulted in a strong surge in XRP trading interest that has shot up since the ruling. In a ruling last year in 2023, the judge stated that Ripple’s XRP sales through the secondary markets didn’t constitute securities, however, the direct sales to institutional players were.
Following the ruling, top crypto exchanges like Coinbase and Gemini once again allowed XRP trading resulting into a strong pent-up demand in the US market. In the report, Kaiko notes that “Ripple’s ongoing legal battle with the US SEC continues to fuel XRP’s volatility”.
XRP Price Bounces Back Strong
The XRP price has been on the radar of investors registering a staggering 35% gain in the last month of July surging all the way to $0.65. However, XRP has been subjected to broader market volatility over the past week as global macros take charge of the market movement. As a result, the XRP price tanked all the way to $0.43 on Monday.
However, it has bounced back quickly today gaining 10% from yesterday’s lows and moving past $0.50 once again. Popular crypto analyst Northstar presented a multi-year chart wherein the XRP price is trading in a symmetrical triangle pattern. The chart below shows that the XRP price has been clearly struggling at its peak levels, thereby resulting in a breakdown under the critical support levels of $0.55.
Photo: TradingView
This breakdown is significant as it signals growing bearish momentum. If the selling pressure persists, the triangle’s measured move points to a potential bearish target of $0.30, representing an additional decline of nearly 40% from current levels.
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