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The ripple effect of the July 13 court verdict related to the United States Securities and Exchange Commission (SEC) and the cryptocurrency, XRP, has turned heads around the globe. According to the blockchain analytics firm, Kaiko, this ruling sparked a surge in XRP's trading activity, setting it at the top of the crypto trading charts.
Kaiko's recent research analysis revealed a noteworthy 61% rise in XRP trading since the court's pronouncement. Interestingly, on the morning of July 17, XRP accounted for a striking 21% of the total global trade volume. Surpassing the dominant Bitcoin's 20%, and Ethereum's 8%, it has undeniably left its mark in the crypto arena.
Indeed, these events might be the catalyst that has propelled XRP's market value. Just hours post-verdict, it increased by an eye-popping $21.2 billion, skyrocketing it from the seventh to the fourth largest cryptocurrency. Additionally, the price of XRP reached a new 15-month pinnacle, with trading volume hitting a 10-month zenith. Kaiko's report attributes these changes to somewhat muted global trading activity, while also noting that other Altcoin volumes (excluding XRP) did not experience the same leap.
The narrative gets more intriguing as we dig into XRP's resilience throughout the 2020 SEC lawsuit. Remarkably, XRP managed to maintain its trading momentum with minimal depreciation, largely attributed to support from international stakeholders. The lawsuit and consequent exchange de-listings seem to have had a lesser negative impact on XRP than anticipated.
Two South Korean exchanges, Upbit and Bithumb, saw a colossal $467 billion traded following the lawsuit's instigation. Moreover, Binance processed an astonishing amount of over $600 billion in trades in the same timeframe.
Despite the possibility of the SEC appealing against the verdict, Ripple's CEO, Brad Garlinghouse, remains unfazed and is confident of a positive outcome. What the future holds for XRP remains to be seen, but its performance in the market post-lawsuit surely paints an optimistic picture.
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