XRP, the token managed by Ripple, has experienced a significant surge in trading volume after a recent court ruling in the lawsuit filed by the United States Securities and Exchange Commission (SEC). According to a research report by Kaiko, XRP’s trading volume has increased by 61% since the court’s decision on July 13. This surge in trading activity has propelled XRP to surpass all other cryptocurrencies in monthly trading volume.
On July 17, XRP accounted for 21% of the global trade volume, surpassing Bitcoin (BTC), which stood at 20%. Ethereum (ETH) accounted for 8% of the trading volume during this period. The price of XRP also reached a 15-month high, while its trading volume hit a 10-month high. Despite these gains, the report pointed out that overall global trading activity remained relatively subdued, and altcoin volumes, excluding XRP, did not experience a significant increase as expected.
The court ruling has had a positive impact on XRP’s market cap, which rose by $21.2 billion within hours of the decision. This increase helped XRP climb from the seventh to the fourth largest cryptocurrency by market capitalization. One contributing factor to XRP’s trading success was its return to U.S. cryptocurrency exchanges, enabling increased accessibility for traders.
Interestingly, the SEC lawsuit and the subsequent delistings of XRP from some exchanges did not have a severe negative impact on the token’s price or trading volume at the time. This resilience can be attributed to the substantial international support received by XRP throughout the legal proceedings. Notably, South Korea showed significant interest in XRP, with exchanges Upbit and Bithumb recording $467 billion in trading volume following the filing of the lawsuit. Binance, a prominent cryptocurrency exchange, processed over $600 billion in XRP trades during that period.
While the recent court ruling has been favorable for Ripple and XRP, the report suggests that the SEC may appeal the decision. However, Ripple CEO Brad Garlinghouse remains confident that an appeal would yield a favorable outcome for the company.
This development highlights the ongoing regulatory challenges faced by cryptocurrencies and their ability to weather legal disputes. XRP’s performance in the face of the SEC lawsuit demonstrates that it has emerged relatively unscathed and continues to attract significant trading interest globally.