Between June 17th and July 17th, XRP outperformed Bitcoin in terms of volume, gaining 1%, thanks to a new listing on U.S. exchanges and consistent worldwide support, according to Kaiko.
Unprecedented interest in the XRP token has been generated as a result of the recent decision in the case brought by the US Securities and Exchange Commission (SEC), which has shocked the cryptocurrency industry. According to Kaiko, XRP saw a tremendous increase in trading activity in the days after the court ruling, outpacing all other cryptocurrencies in monthly volume.
The trading of XRP has reportedly increased by an astounding 61% after the court’s decision, according to Kaiko’s research study, which was published on July 17th. In a stunning turn of events, XRP, which accounted for 21% of global trading volume, outperformed Bitcoin, which was at 20%. With 8% of the trade volume over the same time, Ether lagged behind closely.
#XRP has surpassed #BTC as the highest volume asset 👀
— Kaiko (@KaikoData) July 17, 2023
Since last week's court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO
Notable Price Surge and Trading Volume
A 15-month high was hit for the price of XRP, and a 10-month high was recorded for trading volume. The research blamed the generally tepid global trading activity for the very small growth in trading volume. Additionally, it mentioned that the volumes of altcoins other than XRP did not suffer the sharp increase that was anticipated.
Related: US Crypto Exchanges Relist XRP After Court Rules It's Not a Security
Within hours after the court decision, XRP’s market capitalization increased by a stunning $21.2 billion, catapulting it from seventh to fourth place among all cryptocurrencies. The increase in XRP trading activity was mostly due to the cryptocurrency’s return to American crypto platforms. Intriguingly, Kaiko’s analysis emphasized that XRP remained impressively resilient despite the SEC litigation and exchange delistings in 2020, demonstrating its ability to resist challenging situations with little detrimental influence on price or volume.
Strong International Interest, Particularly in South Korea
Particularly in South Korea, where top exchanges Upbit and Bithumb recorded unprecedented $467 billion in trade after the SEC action was filed, there was still strong interest in XRP. Over $600 billion in trades were conducted by Binance, one of the biggest cryptocurrency exchanges in the world, during this time, demonstrating the widespread interest in XRP.
Despite the fact that the SEC has the right to appeal the decision, Kaiko claims that Ripple CEO Brad Garlinghouse indicated confidence that a judgement on the appeal will be in Ripple’s favor. This heightens the mystery around the XRP token and its course in the future.
Related: Banks Could Adopt XRP After Court Ruling Favorable to Ripple
As XRP continues to grab attention and enthrall the crypto world, its outstanding performance following the court decision proves its tenacity and ongoing allure. The cryptocurrency industry is keenly awaiting new developments and prospective changes in the regulatory environment that may have an impact on the crypto market.