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Unprecedented Boost in XRP Token Interest
Following the landmark July 13 decision concerning a lawsuit by the United States Securities and Exchange Commission (SEC), global crypto markets have been swept by unparalleled interest in the XRP token. According to Kaiko's data, XRP trading outstripped all its crypto competitors in monthly volume soon after the court's decision.
The Ripple Reaction From The Legal Judgement
An analysis by Kaiko, published on July 17, exposed a substantial surge of 61% in XRP trading post-verdict. As of Monday morning, XRP boasted a robust 21% share of worldwide trade volume, outdoing Bitcoin at 20% and Ether at 8%.
XRP's Market Set For Expansion
Immediately after the ruling, XRP’s price rocketed to a high not experienced in the last 15 months, with trading volume being the highest it has been in the past 10 months. However, despite the volume spike, the report indicates that global trading activities remained fairly steady, making the growth in XRP’s trading volume seem relatively small. Interestingly, altcoin volumes, barring XRP, did not witness the expected large-scale growth.
Noteworthy Gains for XRP
Following the announcement of the verdict, XRP’s market cap skyrocketed, escalating by $21.2 billion within a few hours, propelling it from seventh place to the prestigious fourth spot among leading cryptocurrencies. The increase in XRP trading was largely driven by the token's reinstatement by U.S. crypto exchanges. Despite the 2020 SEC lawsuit, XRP remarkably retained its steadiness, capitalizing on international support.
Solid Global Backing Persists
South Korea notably demonstrated significant interest, with exchanges Upbit and Bithumb documenting $467 billion in trading subsequent to the SEC lawsuit filing. In the same period, Binance reported exceeding $600 billion in trade volume.
Possibility of SEC’s Counteraction
Kaiko pointed out the potential appeal by the SEC. Nevertheless, Brad Garlinghouse, Ripple's CEO, remains confident that should the SEC challenge the verdict, the tide would turn in Ripple's favor.
