What the numbers say: Payment protocol Ripple's native token XRP jumped in trading volumes following the firm's partial victory in the court. The popular cryptocurrency's daily trading volume increased to $11.25B one day after the ruling, up from $613.55M the previous day. Within the first four days of the ruling, the volume reached $22.9B in total. The figure was only at $2.18B during the four-day period before the partial victory. With this sudden surge, XRP also surpassed Bitcoin (BTC), the largest cryptocurrency by market cap, in trading volume by accounting for 21% of the total crypto market trading volume on July 17, while BTC represented a 20% portion. Relevance: The jump in XRP's trading volume was mainly triggered by the major crypto exchanges deciding to relist Ripple's native token after U.S. District Judge Analisa Torres ruled that XRP is not a security as long as it is sold to the general public. The judge's declaration was considered a partial victory for Ripple against the U.S. Securities and Exchange Commission (SEC) since the agency classified XRP as a security in a lawsuit filed in December 2020. In the case, the agency accused Ripple and some of its executives of the unregistered sale of nearly $1.3B of XRP tokens, which it labeled as securities. The ruling also caused a 90% increase in XRP's price. Brands that should care: The crypto exchanges relisting XRP include Coinbase, Binance.US, Kraken, Gemini, Bitstamp, and Crypto.com. |
