On July 17th, XRP accounted for 21% of global trading volume.
XRP, the native cryptocurrency of Ripple, has experienced an explosive increase in interest following a favorable July 13th ruling in the lawsuit filed by the United States Securities and Exchange Commission (SEC).
Post the court's verdict, XRP's trading activity has skyrocketed, surpassing all other cryptocurrencies in monthly trading volume, as reported by blockchain data provider Kaiko on July 17th.
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The data reveals an impressive 61% surge in XRP trading activity since the court's judgment.
As of July 17th, XRP accounted for a staggering 21% of worldwide trade volume, that outpaced Bitcoin (BTC), coming in second place with 20%, and Ether (ETH), which contributed 8% to the total trading volume.
Amid these developments, XRP's price has reached a height unseen for 15 months, with trading volumes hitting a 10-month high. The report explains the modest surge in trading volume by citing "subdued" global trading activity. Additionally, the firm noted:
Altcoin volumes (excluding XRP) did not see as large a bump as expected.
Following the ruling, XRP's market capitalization soared by $21.2 billion within a matter of hours, moving it from seventh to fourth place in the crypto rankings. This impressive leap was also aided by the return of XRP trading on major US cryptocurrency exchanges, like Coinbase and Kraken.
Despite the lawsuit initiated by the SEC in 2020, Kaiko's report notes the resilience of XRP, which weathered the storm with little adverse impact on its price or volume.
Interestingly, the lawsuit and subsequent de-listings did not substantially affect XRP's price or volume.
Although the SEC may opt to appeal the ruling, Ripple's CEO, Brad Garlinghouse, expresses optimism that an appeal decision would lean in Ripple's favor.
The court ruling's impact on XRP serves as a testament to the dynamic and responsive nature of the crypto market, suggesting that even perceived negative events can lead to unprecedented positive outcomes.
