Gemini

Read

<html>
 <head></head>
 <body>
  <p class="is-style-lead">News of a favorable XRP ruling in its legal battle against the US SEC has sent the token’s trading volumes jumping by more than 1,300%.&nbsp;</p> 
  <p>The <a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" target="_blank" rel="noopener noreferrer nofollow">ruling</a> sparked a surge in XRP’s price, with the digital asset reaching a high of $0.93, the highest value seen since May 2021.</p> 
  <p>Data compiled by CCData, a prominent crypto research company, <a href="https://blog.ccdata.io/analysing-xrp-following-judge-torres-ruling-682bd8f345af" target="_blank" rel="noopener noreferrer nofollow">revealed</a> a significant influx of trading activity following Judge Analisa Torres’ ruling.</p> 
  <figure class="wp-block-image"> 
   <img decoding="async" src="https://lh3.googleusercontent.com/wDncTdw_469GrYEvYe3aOxVTL1B6lsIE2bMkQGOWRTTj8pQmotgcRRaEOVDfkYrqYCR5HMwwSHoHJ6Z9LzaT6Pq-FQhCPQewlS8bCH1TQ3wCeE784kb0WU1bKp8pNRJEv-g0KR3yx33mxbFXLh7cEdA" alt="XRP price and volume June 2-July 14 | Source: CCData  "> 
   <figcaption class="wp-element-caption">
     XRP trading activity | Source: CCData 
   </figcaption> 
  </figure> 
  <p>CCData’s research showed XRP trading pairs on centralized exchanges experienced a total volume of $6.05 billion on the day of the ruling, representing an increase of 1351% compared to the previous day.</p> 
  <p>The soaring trading volumes can be attributed to the enthusiastic price rally and the major crypto exchanges that embraced XRP trading after the partially favorable court decision.</p> 
  <p> You might also like: <a href="https://crypto.news/crypto-exchanges-relist-xrp-amid-ripples-partial-victory-in-us/" rel="noopener noreferrer nofollow"> Crypto exchanges relist XRP amid Ripple’s partial victory in US </a> </p> 
  <p>Additional <a href="https://www.coingecko.com/en/coins/xrp/historical_data#panel" target="_blank" rel="noopener noreferrer nofollow">data</a> from CoinGecko corroborating CCData’s findings showed that in 24 hours, the trading volume of XRP totaled around $11.2 billion, a significant surge compared to the $613 billion observed a day earlier.</p> 
  <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
   <div class="wp-block-embed__wrapper"> 
    <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
     <p lang="en" dir="ltr">According to CoinGecko data, from July 13th to 14th, XRP’s 24-hour trading volume soared sharply, jumping from $613 million to $11.2 billion, an 18-fold increase in a single day.</p>— @Olivia (@987Olivia1) <a href="https://twitter.com/987Olivia1/status/1679826580040978435?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 14, 2023</a> 
    </blockquote> 
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
   </div> 
  </figure> 
  <h2 class="wp-block-heading" id="altcoins-benefit-from-the-price-surge">Altcoins benefit from the price surge</h2> 
  <p>The trading frenzy ensued as significant exchanges such as Coinbase and Kraken <a href="https://crypto.news/crypto-exchanges-relist-xrp-amid-ripples-partial-victory-in-us/" target="_blank" rel="noopener noreferrer nofollow">relisted</a> or announced plans to reopen XRP trading on their platforms following the ruling.</p> 
  <p>The judge’s decision clarified that the sale of <a href="https://crypto.news/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> on exchanges did not constitute investment contracts, alleviating risks for trading platforms and allowing users to trade freely with the token.</p> 
  <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
   <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="BREAKING: XRP IS NOT A SECURITY!! PRICE EXPLODES! HISTORIC CRYPTO WIN!" width="1020" height="574" src="https://www.youtube.com/embed/DitLhR8RPM0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
   </div> 
  </figure> 
  <p>Kraken and Bitstamp wasted no time relisting XRP shortly after the ruling, and Coinbase and Gemini expressed their intentions to reintroduce XRP trading. Even embattled Binance.US opened trading with XRP the following day.</p> 
  <p>In South Korea, UpBit, a popular exchange for XRP traders, <a href="https://menafn.com/1106604019/Upbit-Xrp-Trading-Volume-Surpasses-Bitcoin-As-Ripple-Wins" target="_blank" rel="noopener noreferrer nofollow">recorded</a> $2.5 billion in trading volume for the digital asset. This figure accounted for over 50% of the total trading volumes on UpBit during that period. The data indicates a speculative frenzy surrounding XRP, with market depth reaching nearly $5 million during Asian morning hours.</p> 
  <p>XRP’s bullish momentum influenced its market and positively impacted other altcoins, driving double-digit surges across the crypto market.&nbsp;</p> 
  <p>Before the judgment, XRP’s technical indicators had suggested a potentially favorable outlook for the token. Its relative strength index (RSI) had risen above 50, indicating a possible regaining of momentum after a period of decline. Furthermore, XRP’s 30-day moving average has sloped upward and looks to surpass its 200-day average in the coming weeks.</p> 
  <p> Read more: <a href="https://crypto.news/crypto-twitter-discusses-us-xrp-ruling-citing-possible-binance-implications/" rel="noopener noreferrer nofollow"> Crypto Twitter discusses US XRP ruling, citing possible Binance implications </a> </p>
 </body>
</html>

XRP trading volume skyrockets amid favorable court decision

Table of Contents

crypto.news

Other articles published on Jul 15, 2023

Europe’s First Spot Bitcoin ETF Could Go Live by End of the Month

US Federal Judge Partially Sides with Ripple in SEC Lawsuit, Allows XRP Relisting

Development officially started on Shido DeFi!

Coinbase Vs SEC First Hearing Update: Judge Delivers Surprising Remarks

SHIB Community Excited by New Platform Update

Altcoin Bull Cycle Ignites as Ripple Soars, Leading Market Breakout

Join our free newsletter for daily crypto updates!