The recent ruling in favor of XRP in its legal battle against the US SEC has caused an extraordinary surge in trading volumes, surpassing an impressive 1,300%.
XRP Trading Volume Skyrockets
Following Judge Analisa Torres’ decision, XRP’s trading activity experienced a remarkable upswing, leading to a surge in the digital asset’s price. XRP reached a peak value of $0.93, marking its highest point since May 2021. CCData, a prominent crypto research company, compiled data revealing a substantial influx of trading activity after the court ruling.
Increased Trading Activity on Centralized Exchanges
According to CCData’s research, XRP trading pairs on centralized exchanges witnessed a total volume of $6.05 billion on the day of the ruling. This represents a staggering increase of 1351% compared to the previous day.
Enthusiastic Response to the Ruling
The soaring trading volumes can be attributed to the enthusiastic price rally and the endorsement of major crypto exchanges that have embraced XRP trading following the partially favorable court decision.
Major Crypto Exchanges Relist XRP
CoinGecko, supporting CCData’s findings, provided additional data indicating that XRP’s trading volume reached approximately $11.2 billion within a 24-hour period. This surge is a substantial leap compared to the $613 billion observed just a day earlier.
Ripple’s Partial Victory Impacts Altcoins
The trading frenzy ensued as significant exchanges, including Coinbase and Kraken, relisted XRP or announced plans to reopen XRP trading on their platforms after the ruling. Judge Torres’ decision clarified that the sale of XRP on exchanges does not constitute investment contracts, alleviating risks for trading platforms and enabling users to trade the token freely. Kraken and Bitstamp acted swiftly by relisting XRP shortly after the ruling, while Coinbase and Gemini expressed their intentions to reintroduce XRP trading. Even Binance.US, amid its own challenges, resumed trading with XRP the following day.
XRP’s Influence on the South Korean Market
In South Korea, UpBit, a popular exchange for XRP traders, recorded an impressive $2.5 billion in trading volume for the digital asset. This figure accounted for over 50% of the total trading volumes on UpBit during that period. The data indicates a speculative frenzy surrounding XRP, with market depth reaching nearly $5 million during Asian morning hours.
Ripple’s Bullish Momentum Impacts the Crypto Market
XRP’s bullish momentum not only influenced its own market but also had a positive impact on other altcoins. This led to double-digit surges across the entire cryptocurrency market.
Positive Technical Indicators for XRP
Prior to the ruling, XRP’s technical indicators had already suggested a potentially favorable outlook for the token. The relative strength index (RSI) had risen above 50, indicating a possible regaining of momentum after a period of decline. Furthermore, XRP’s 30-day moving average has shown an upward slope and appears poised to surpass its 200-day average in the coming weeks.
The favorable ruling in the legal battle between XRP and the US SEC has undoubtedly propelled XRP’s trading volumes to unprecedented heights. This surge, coupled with the positive response from major crypto exchanges, signifies a renewed sense of optimism for XRP and its investors. With XRP’s bullish momentum and the impact it has had on the broader crypto market, the future appears promising for this digital asset.