The cryptocurrency market is witnessing a remarkable surge in XRP’s demand and social activity following the favorable ruling in the Ripple vs. SEC case. XRP, with its astonishing trading volume of over 1 million trades per minute, has taken center stage, capturing the attention of investors worldwide.
Crypto enthusiasts, including prominent figure Nick, a self-proclaimed “Crypto Crusader” and entrepreneur, have quickly recognized the immense growth potential of Ripple. Nick recently expressed his astonishment at the skyrocketing demand, highlighting that the momentum shows no signs of slowing down. According to data from market intelligence tool Fiatleak, Ripple has surpassed the milestone of 1 million trades per minute on a global scale.
Nick is adamant that this is just the start of XRP’s remarkable journey. Wild trade volumes for Ripple over the last several days have amply demonstrated the prevailing enthusiasm among market players.
XRP Surpasses Ethereum In Social Engagement
Social analytical resource LunarCrush has revealed that XRP’s social engagement statistics have surpassed those of Ethereum (ETH) and are now closely trailing behind Bitcoin (BTC). Notably, LunarCrush reported a significant surge in XRP’s social activity following the ruling, surpassing ETH in social dominance with an impressive 31,730 social engagements compared to ETH’s 20,666. Ripple is now nipping at the heels of BTC.
Before this, LunarCrush had already ranked Ripple at the top spot on the LunarCrush AltRank, a ranking system considering social and market activity. Ripple achieved this milestone just a few hours after Judge Torres’s ruling.
Social activity and global trade surge have substantially increased Ripple’s trading volume across major exchanges such as Binance, Uphold, Coinbase, and Kraken.
Web3 media group Whale Talk reported that the ruling, clarifying that most of Ripple’s XRP sales are not securities, directly contributed to the surge in exchange trading volumes. Uphold experienced platform issues. On July 13, Ripple’s volume skyrocketed to $10.39 billion. The swift relisting on exchanges like Coinbase and Kraken fueled the volume surge.
Additionally, Korean investors have displayed impressive demand for Ripple, contributing significantly to the surge in trade volume. South Korea’s largest exchange, Upbit, reported the highest XRP trade volume globally, with $2.5 billion in 24-hour volume on July 14.
XRP’s 24-hour volume, which peaked at $10 billion on July 13 but has since dropped to $3.8 billion as of press time, is still noteworthy.
Binance holds the lion’s share of this volume, with $688 million in Ripple trade volume, accounting for 21.91%. OKX secures the second position with $161 million in Ripple trade volume, followed by Coinbase in ninth place with a volume of $50 million.
XRP’s trade volume and social activity surge demonstrate its growing prominence in the crypto market, signaling a significant turning point for the digital asset.
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