Riding high on the social wave, XRP has overtaken Ethereum and is now only marginally behind Bitcoin, according to the latest data insight provided by LunarCrush. Demand for the Ripple-backed token soared as trading volume hit 1 million per minute.
Demand for XRP is absolutely crazy right now and will only continue to grow. Trading volumes for the last 24h have been wild. LunarCrush recently shared that social engagement stats have flipped ETH and were slightly behind BTC The world is watching XRP, everyone disappointed in the RECENT price action simply won’t make it. This is just the start.
The surge is a result of the landmark XRP decision in its legal dispute with the US SEC, which caused the token’s trading volumes to soar by more than 1,300%. The token’s price rose sharply in response to the ruling, peaking at $0.93, the highest level since May 2021.
A few days ago, a reputable crypto research entity called CCData shed light on the notable increase in trading activity that followed Judge Analisa Torres’ decision. According to CCData’s research, XRP trading pairs on centralized exchanges witnessed a total volume of $6.05 billion on the day of the ruling, representing an increase of 1351% compared to the previous day.
The trading craze propelled several prominent digital asset services trading firms, such as Coinbase and Kraken, to relist or announce plans to reopen XRP trading on their platforms following the ruling.
Exchanges Rush To Relist XRP
UpBit, a popular exchange in South Korea, recorded over $2 billion in trading volume for the digital asset. This is over 50% of the total trading volumes on the platform during that period. The data also reflects a speculative frenzy surrounding the XRP token, with market depth expanding by nearly $5 million during Asian morning hours.
On July 13, Judge Analisa Torres ruled in favor of blockchain payment firm Ripple, determining that XRP should not be considered a security, alleviating risks for trading platforms and allowing users to trade freely with the token. This victory undercuts the SEC’s rationale for classifying the token that is most likely to be considered a security and diminishes its ability to classify all such asset classes as securities, TronWeekly reported.