Home Altcoins News XRP Demand Surges Following Favorable Ripple vs. SEC Ruling, Exceeding 1 Million Trades per Minute

XRP Demand Surges Following Favorable Ripple vs. SEC Ruling, Exceeding 1 Million Trades per Minute

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XRP, the digital asset central to the Ripple vs. SEC case, is causing a stir in the crypto market as it witnesses an exceptional surge in demand and trading activity following a favorable ruling. With over 1 million trades per minute, XRP has captured the attention of investors worldwide.

Renowned figures in the crypto space, like Nick, an entrepreneur known as the “Crypto Crusader,” are astounded by the exponential growth potential of XRP. In a recent tweet, Nick expressed his amazement at the surging demand, noting that it shows no signs of slowing down. Referring to data from market intelligence tool Fiatleak, Nick highlighted that XRP had surpassed the remarkable milestone of 1 million trades per minute globally.

Nick firmly believes that this is just the beginning of XRP’s remarkable journey. Over the past few days, XRP has witnessed a surge in trading volumes, reflecting the overwhelming interest from market participants. Nick pointed out that LunarCrush, a trusted crypto social analytics resource, revealed that XRP’s social engagement statistics have surpassed those of Ethereum (ETH) and are only slightly behind Bitcoin (BTC).

It is worth noting that LunarCrush recently disclosed a surge in XRP’s social activity following the ruling, leading to a flip in social dominance over ETH. XRP’s social engagements reached an impressive 31,730, while ETH recorded 20,666 engagements. XRP only trailed BTC in social dominance. Prior to this, LunarCrush recognized XRP’s achievement in claiming the top spot on the LunarCrush AltRank, which considers both social and market activity. XRP achieved this milestone shortly after Judge Torres delivered her ruling.

The surge in demand and social activity has been accompanied by a significant increase in XRP’s trading volume across major exchanges such as Binance, Uphold, Coinbase, and Kraken. Whale Coin Talk, a respected Web3 media group, attributed the surge in exchange trading volumes directly to the ruling, which clarified that most of Ripple’s sales of XRP are not securities.

Uphold experienced platform issues due to overwhelming XRP trade volumes shortly after the ruling. XRP’s volume surged to a massive $10.39 billion on July 13. The swift relistings of XRP on exchanges like Coinbase and Kraken further contributed to the increased volume. Additionally, strong demand from Korean investors played a significant role, with South Korea’s largest exchange, Upbit, recording the highest XRP trade volume globally on July 14, amounting to $2.5 billion in 24-hour volume.

XRP’s growing trade volume has had a notable impact on overall exchange volumes, including Binance. Although XRP’s 24-hour volume has slightly declined from the $10 billion mark observed on July 13, it remains impressive at $3.8 billion at the time of writing.

Of note, Binance leads the pack in terms of XRP volume, accounting for $688 million or 21.91% of the total volume. OKX secures the second position with $161 million in XRP trade volume, while Coinbase ranks ninth with a volume of $50 million.

The remarkable surge in demand and trading activity surrounding XRP showcases its growing prominence in the crypto market. As investors and enthusiasts eagerly monitor its progress, XRP’s performance continues to captivate the attention of both seasoned and new participants in the digital asset space.

The recent favorable ruling in the Ripple vs. SEC case has undoubtedly provided a boost to XRP, leading to increased trading activity and social engagement. This surge in demand reflects the optimism surrounding XRP’s future and its potential to carve out a significant role in the crypto market.

However, it’s important to note that the crypto market is known for its volatility, and price movements can be swift and unpredictable. While the current surge in demand is impressive, market conditions can change rapidly, and investors should exercise caution and conduct thorough research before making any investment decisions.

As the situation surrounding Ripple’s legal battle with the SEC unfolds, it will be interesting to see how it impacts XRP’s long-term prospects. The outcome of the case will likely play a significant role in shaping the regulatory environment for cryptocurrencies in the United States.

In conclusion, XRP has experienced an exceptional surge in demand and trading activity following a favorable ruling in the Ripple vs. SEC case. The cryptocurrency has captured the attention of investors worldwide, with its social engagement and trading volume reaching new heights. While this surge is remarkable, investors should approach the market with caution and conduct thorough research before making any investment decisions. The crypto market is known for its volatility, and factors such as regulatory developments and market sentiment can influence price movements. As the situation evolves, it will be interesting to see how XRP’s performance unfolds and how it impacts the broader crypto market.

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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