According to on-chain data on July 19, large amounts of XRP, the native currency of the XRP Ledger, were being traded every minute on major cryptocurrency exchanges such as KuCoin and Poloniex. The increased trading in bulk has driven up trading volumes across the board. As of writing on July 20, prices remain higher, with the coin up 72% from its July 2023 lows. Although trading volumes on leading exchanges like Binance have slightly tapered, the resurgence in trading volumes this week indicates that the demand for XRP remains relatively high.
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2M XRP Traded/Min, Path to 2nd Place After BTC? XRP And Its Spectacular Rally
Following a recent court ruling, the value of the token experienced a surge as the judge concluded that XRP does not meet the legal definition of a security based on the Howey test. The SEC had previously filed a lawsuit in December 2020, alleging that Ripple and some of its executives had raised over $1 billion through illegal sales of XRP, which they claimed was an unregistered security. Ripple denied the allegations and fought the lawsuit, ultimately winning and incurring millions of dollars in legal expenses. 2M XRP Traded/Min, Path to 2nd Place After BTC?
Coinbase, Bitstamp, Crypto Exchanges Relisting
XRP's rally has received a boost from the recent news of its relisting on major cryptocurrency exchanges like Coinbase Global and Kraken. This move is seen as a sign of confidence in the token and is expected to increase its liquidity and trading volumes in the coming months. The relisting is also a refreshing development for clients in the United States who were previously cut off from trading.
Many predictions suggest that XRP's rally will continue in the second half of 2023, following Judge Analisa Torres' ruling in favor of Ripple Labs, which removed uncertainty around the coin's status. This decision could open doors for institutional adoption and cement the token's position in the cryptocurrency market.
The rally and regulatory clarity could help XRP narrow the gap with Ethereum (ETH) and potentially even flip it to become the second-largest coin after Bitcoin. Despite the extended crypto winter of 2022, XRP managed to retain its position in the top 10 cryptocurrencies by market capitalization.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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