XRP tops BTC in trading volume as it continues to savor partial victory in SEC suit

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The July 13 ruling on the suit filed by the United States Securities and Exchange Commission (SEC) has led to unprecedented interest in the XRP ( $0.00 ) ( XRP ( $0.00 ) ) token managed by the company. In the few days since the court decision, a jump in XRP ( $0.00 ) trading has seen it surpass all other cryptos in monthly volume, according to Kaiko.

In a research report released on July 17, the blockchain information service noted a 61% increase in XRP ( $0.00 ) trading since the court’s decision. On Monday morning, XRP ( $0.00 ) accounted for 21% of global trade volume, ahead of Bitcoin ( $63,940.00 ) (BTC), with 20%. Ether (ETH) accounted for 8% of trading in that time.

The price of XRP ( $0.00 ) has hit a 15-month high and trading volume is at a 10-month high. “Global trading activity remains subdued,” the report stated as an explanation for the relatively modest jump in trading volume. In addition, “altcoin volumes (excluding XRP ( $0.00 ) ) did not see as large a bump as expected.”

$0.00 ) ?src=hash&ref_src=twsrc%5Etfw"># XRP ( $0.00 ) has surpassed #BTC as the highest volume asset

Since last week’s court ruling, 21% of all crypto trade volume has been for XRP ( $0.00 ) . pic.twitter.com/OLdTQrk1kO

— Kaiko (@KaikoData) July 17, 2023

XRP ( $0.00 ) ’s market cap rose by $21.2 billion within hours of the ruling to become the fourth largest crypto, up from seventh place. XRP ( $0.00 ) trading was helped along by the return of the token to U.S. crypto exchanges. Kaiko noted in its report, however, that XRP ( $0.00 ) had weathered the SEC suit, filed in 2020, with remarkably little downturn thanks to international support:

“What’s interesting about XRP ( $0.00 ) is that the lawsuit and exchange de-listings did not have an overly negative impact on price or volume at the time.”

Interest remained high particularly in South Korea, with exchanges Upbit and Bithumb seeing $467 billion in trading after the suit was filed. Binance processed over $600 billion in trades in that time.

The SEC may appeal the ruling, Kaiko said. Ripple CEO Brad Garlinghouse expressed confidence that an appeal decision would favor Ripple.

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