- Ripple’s cryptocurrency, XRP, sees a substantial leap in trading activity following a positive SEC lawsuit verdict, overpowering Bitcoin and Ethereum in global trade volume.
- Despite potential for SEC to appeal, Ripple’s CEO Brad Garlinghouse remains hopeful about the cryptocurrency’s future, pointing to robust international support and substantial trading volumes.
- XRP’s market value experiences a monumental climb in the hours following the verdict, moving from the seventh to the fourth largest cryptocurrency, a testament to its resilience amidst legal battles.
Setting new records, XRP, the cryptocurrency run by Ripple, has captured the limelight globally following the July 13 court decision against the US Securities and Exchange Commission (SEC). The aftermath of this judgement has caused a massive surge in XRP trading, thrusting it to the forefront of crypto trade, according to Kaiko, a leading blockchain analytics firm.
XRP’s trading volume has escalated considerably since the landmark decision, with Kaiko’s detailed study pinpointing a substantial 61% rise. More remarkable was the global trade volume on the morning of July 17, when XRP constituted an impressive 21%, leaving Bitcoin’s 20% and Ethereum’s 8% in its wake.
These startling numbers could be the driving force behind XRP’s increased market value. Following the verdict, the market value of XRP shot up by a jaw-dropping $21.2 billion in just a few hours, boosting it from being the seventh to the fourth largest cryptocurrency. The trading volume of XRP also reached a 10-month high, while its price soared to a 15-month high. Kaiko’s report credits these increases to muted global trading activity but interestingly, found that other altcoin volumes didn’t mirror this increase.
Peeling back the layers, XRP’s strength and survival during the 2020 SEC lawsuit becomes even more evident. XRP was successful in sustaining its trading volume with minimal fall, largely due to the support it received from international players. The lawsuit, followed by de-listings on various exchanges, seemingly had less of a detrimental effect on XRP than initially thought.
South Korean exchanges, Upbit and Bithumb, witnessed a huge trading volume of $467 billion post-lawsuit. Meanwhile, Binance recorded a massive $600 billion worth of trades in the same period.
Despite the uncertainty of a possible SEC appeal against the verdict, Ripple’s CEO, Brad Garlinghouse, displays an unwavering sense of optimism about XRP’s prospects. It’s yet to be seen what the future has in store for XRP, but the post-lawsuit performance surely paints a promising landscape for this crypto titan.
Ripple Scores Key Victory in SEC Battle
Ripple Labs, the force behind the XRP token, has emerged triumphant in a significant SEC lawsuit. A US judge recently ruled in favor of Ripple Labs, stating that the firm’s public exchange trading of XRP did not contravene federal securities law. This verdict ignited a 75% surge in the value of XRP. However, the company was found to be in violation of securities law when selling XRP to institutional investors.
The verdict not only holds potential consequences for Ripple but may also shape the broader cryptocurrency industry’s battle against the SEC. Ripple’s CEO, Brad Garlinghouse, viewed the ruling as a critical win for the larger US crypto sector.
Simultaneously, the ruling raises questions about the classification of cryptocurrencies as securities by US regulators, introducing uncertainty into the market. While the ruling may not guarantee success for the industry in other similar cases, it opens up potential defense strategies against SEC’s stance.
