XRP Price Soars 60%, Trading Volume Soars After SEC Win

Introduction:

In recent times, the native token of the XRP Ledger, known as $XRP, has achieved a significant milestone in the crypto space. With an explosive 60% price surge in a single week, XRP has climbed to the top of the market in terms of trading volume, commanding an impressive 21% share. This remarkable achievement follows a crucial legal victory in a lawsuit involving Ripple, a major player in the XRP space, and the U.S. Securities and Exchange Commission (SEC).

#XRP has surpassed #BTC as the highest volume asset 👀

Since last week’s court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO

— Kaiko (@KaikoData) July 17, 2023

Let’s explore the key takeaways from this recent development, its implications, and the future potential of XRP.

Read On: SEC vs Ripple

Key Takeaways:

• XRP’s trading volume has surged to 21% of the crypto market after a New York federal judge ruled that the XRP token is not necessarily a security on its face. This ruling came amidst an ongoing legal battle between Ripple and the SEC.
• The increase in XRP’s trading volume has surpassed that of Bitcoin, the flagship crypto, which now accounts for 20% of the market’s volume. Meanwhile, Ethereum’s trading volume stands at 8%.
• The SEC sued Ripple in 2020, alleging the violation of U.S. securities laws by selling XRP without proper registration. The recent ruling clarified that XRP was considered a security during sales to institutional investors, but not to the general public.
• Ripple’s Chief Legal Officer, Stuart Alderoty, hailed the decision as a “huge win,” as sales on exchanges are not considered securities, further boosting XRP’s position in the market.

Read More: Ripple Price Prediction

Conclusion:

The recent surge in XRP’s trading volume and XRP price comes as a result of a favorable legal ruling, reaffirming its status as a non-security asset. This landmark decision has spurred positive sentiment among analysts and investors, leading to optimistic predictions for XRP’s future value. While market analysts foresee a potential downward adjustment in the short term, many remain confident in XRP’s long-term bullish outlook. However, it is crucial to remember that crypto markets are highly volatile, and investment decisions should be made with caution and without relying solely on short-term predictions.

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Source: Cryptoglobe