According to Kaiko’s latest report, In a significant victory for Ripple, the long-awaited ruling in their lawsuit against the Securities and Exchange Commission (SEC) has finally arrived. The ruling states that Ripple did not violate federal securities law by selling its XRP token on public exchanges.
The market reacted immediately, sending XRP on a soaring trajectory. Since Thursday, the token has surged by an impressive 61%. Notably, leading exchanges like Coinbase and Kraken, which had previously de-listed XRP, wasted no time re-listing it.
XRP Dominates: Ripple’s Token Accounts For 21% Of Crypto Trade Volume
XRP’s resurgence is evident in its growing prominence in the global crypto trade volume. As of Monday morning, XRP accounted for a staggering 21% of the overall volume, surpassing Bitcoin (BTC) and Ethereum (ETH).
Surprisingly, other altcoins did not experience the same level of increased trading activity, despite the positive implications of the ruling. What makes XRP’s performance intriguing is that the lawsuit and subsequent de-listings did not severely impact its price or volume initially.
The token managed to maintain a solid offshore following, particularly in Korean exchanges. Since the lawsuit began, sales like Upbit and Bithumb have processed a staggering $476 billion worth of XRP trades.
Although the ruling’s direct implications are limited to XRP, it could potentially serve as a precedent in future lawsuits, signaling a bullish catalyst for altcoin markets. However, it’s worth noting that the SEC may choose to appeal the ruling, introducing a level of uncertainty.
In other news, the competition between liquid staking protocols has intensified. Lido’s LDO token has outperformed its primary rival, Rocket Pool’s RPL, as Lido continues to dominate the fluid staking space.
With $14.9 billion worth of ETH staked on Lido compared to Rocket Pool’s $1.9 billion, investors are increasingly drawn to staking protocol tokens, especially as centralized services face regulatory scrutiny.
As summer sets in, Bitcoin and traditional financial markets enter a typical period of lower trade volume, known as the summer lull. Despite a recent rally, BTC’s market depth remains lower than January levels. US-based exchanges have been particularly affected, with liquidity dropping by 40% following the departure from Binance—the US.
In South Korea, altcoins dominate the crypto market, with BTC trading volumes experiencing a slight uptick in recent months. Altcoin trading has been steadily rising since 2019, currently accounting for approximately 80% of Korean trading activity.
Overall, these developments in the crypto industry are reshaping market dynamics and signaling a renewed wave of optimism among investors.
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