The court's decision on XRP Ripple has positively impacted liquidity, even as the broader market grapples with uncertainties.
- After a New York ruling, XRP Ripple trading surged in major U.S. exchanges.
- XRP's price hit 15-month highs, but trading activity shows market caution.
- Experts stress the need for blockchain regulations and its financial potential.
In a recent development, XRP Ripple experienced a surge in market depth following a New York federal court ruling. The 4% market depth in major pairs for XRP saw an increase of $3.8M, while the 20% market depth shot up by $11.5M. The substantial boost came after Americans were given the green light to trade XRP on prominent exchanges, including Kraken, Crypto.com, Coinbase, and Bitstamp, within a day of the ruling.
Efficient Frontier, an algorithmic market maker, shared Kaiko’s latest analysis of XRP:
However, these liquidity upticks appear modest when juxtaposed with XRP's towering $41B market cap. KaikoData's latest analysis revealed that despite XRP's price soaring to 15-month highs, the global trading activity seems reserved, peaking at only 10-month highs. This indicates a restrained response from the worldwide trading community even after the favorable ruling.
The court's verdict on July 13 decreed that XRP sales amounting to $729 million to institutional investors were deemed illegal securities sales. However, the ruling also clarified that XRP tokens traded on crypto exchanges faced no such constraints.
Read full article at CryptoTale.