XRP Surpasses BTC in Trading Volume as It Celebrates Partial Victory in SEC Lawsuit

Since the recent court ruling on the lawsuit initiated by the United States Securities and Exchange Commission (SEC), the XRP token has experienced an unprecedented surge in interest. In the days following the decision, XRP’s trading volume has surpassed that of all other cryptocurrencies, according to a report from Kaiko.

In their research report released on July 17, the blockchain information service highlighted a significant 61% increase in XRP trading since the court’s ruling. As of Monday morning, XRP accounted for 21% of the global trade volume, surpassing Bitcoin, which stood at 20%. Ether accounted for 8% of the trading volume during the same period.

The price of XRP has reached a 15-month high, accompanied by a 10-month high in trading volume. However, the report noted that global trading activity remains relatively subdued, offering an explanation for the modest increase in trading volume. Additionally, the report observed that other altcoins, excluding XRP, did not experience the same substantial surge.

In the aftermath of the court ruling, XRP’s market capitalization surged by $21.2 billion, propelling it from seventh to the fourth-largest cryptocurrency. XRP’s trading performance was bolstered by its return to U.S. crypto exchanges. Remarkably, despite the SEC lawsuit filed in 2020 and subsequent delistings from certain exchanges, XRP displayed resilience with minimal negative impact on price or volume, thanks to strong international support.

Interest in XRP remained particularly high in South Korea, with exchanges such as Upbit and Bithumb witnessing $467 billion in trading volume following the lawsuit. Binance also facilitated over $600 billion in trades during this period.

While there is a possibility of the SEC appealing the court ruling, Kaiko noted in its report, Ripple CEO Brad Garlinghouse expressed confidence that any appeals decision would ultimately favor Ripple’s position.

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