In the wake of a favorable court ruling in the Ripple vs. SEC case, XRP has witnessed an extraordinary surge in demand and trading activity. With over 1 million trades per minute globally, XRP has become the center of attention for investors worldwide.
This unprecedented growth comes after a period of legal uncertainty and trading restrictions, positioning XRP for potential success in the cryptocurrency market.
XRP’s Milestone: Over 1 Million Trades Per Minute Sparks Growth
Visionary entrepreneur and self-proclaimed “Crypto Crusader,” known as Nick on Twitter, swiftly recognized the unparalleled growth potential inherent in XRP.
Taking to social media, Nick expressed his awe at the surging demand for XRP, emphasizing its relentless upward trajectory in a tweet. With unwavering confidence, Nick firmly believes that this remarkable milestone is merely the inception of XRP’s extraordinary journey.
Also, XRP experienced a significant surge in trading volume, reaching $10.4 billion on July 13. However, while this figure appears impressive, it is worth noting that it only ranks as the 76th largest volume in XRP’s history.
This observation highlights the immense potential that XRP possesses, suggesting that the recent surge in volume may be just the beginning.
A tweet from Leonidas, the host of the popular crypto YouTube channel XRPArcade, underscores this point, stating, “On July 13th, XRP’s volume spiked to $10.4 billion. Even though this seems like a big number, historically, this was XRP’s 76th largest daily trading volume recorded on CoinMarketCap (CMC). The highest was almost $37 billion on April 6th, 2021.”
This historical context emphasizes that XRP has achieved even higher trading volumes in the past, indicating the potential for further growth.
XRP price sitting at $0.73 | Source: XRPUSD on TradingView.com
Daily Volume Surges 18-Fold Following Court Ruling And Exchange Relisting
The court ruling that declared XRP as not a Security favored the altcoin as XRP witnessed a dramatic surge in trading volume, increasing from $613 million to $11.2 billion within a single day.
The ruling by the Southern District Court of New York has reignited investor interest in XRP, leading major exchange platforms such as Coinbase, Kraken, and Crypto.com to relist the asset.
The market responded with XRP’s value soaring by 85% from $0.47 to $0.87, with the token currently trading at $0.78 despite the market drawdown.
Moreover, XRP’s market capitalization also experienced a substantial boost, reaching $40.8 billion within the past 24 hours. This surge propelled XRP to become the fourth largest cryptocurrency in terms of market capitalization, trailing only Bitcoin (BTC), Ether (ETH), and Tether USD (USDT).
The derivatives market also witnessed increased interest, with funding rates and open interest for XRP derivatives reaching the highest levels of the year, indicating growing confidence among traders.
Featured image from Outlook India, chart from TradingView.com