Reddit

Read

<ul>
 <li>XRP's US trading volume surged from less than 2% to 14% post-SEC ruling, reflecting renewed investor confidence.</li>  
 <li>July saw XRP's price spike 35%, outpacing Bitcoin's 9%, driven by SEC settlement speculation.</li>  
 <li>XRPL transaction volume drops 65.6% in Q2, despite rising transaction fees.</li> 
</ul>  
<p>According to data from the crypto analytics firm Kaiko, demand for Ripple's XRP has risen rapidly in US markets. This rise in demand followed a major court judgment last year stating that XRP sales on secondary<a href="https://cryptonewsland.com/major-brokerages-struggle-with-service-disruptions-during-market-downturn/" target="_blank" rel="noopener noreferrer nofollow"> trading platforms</a> are not considered securities transactions. As a result, XRP trading volume on US exchanges has increased significantly, from less than 2% to 14% of worldwide XRP traffic in the last year.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/CollinBrownXRP/status/1820709873824195062
 </div>
</figure>  
<p>Trading activity has increased to levels seen before the Securities and Exchange Commission (SEC) litigation, indicating regained confidence among US traders. During the legal dispute, several major exchanges had delisted XRP, limiting its trading.&nbsp;</p>  
<p>However, with the recent relisting by significant platforms like Coinbase and Gemini, pent-up demand has been released, driving up trading volumes.</p>  
<h2 class="wp-block-heading" id="h-price-performance-and-market-reaction">Price Performance and Market Reaction</h2>  
<p>According to Kaiko's analysis, the price of XRP reached 35% in July, while Bitcoin gained 9%. Speculation about the SEC settlement fueled the surge, but the cancellation of the SEC meeting on August 1st caused a brief price drop. XRP is trading at $0.490, representing an 18% drop over the last week, echoing more significant market trends.</p>  
<h2 class="wp-block-heading" id="h-xrp-ledger-activity">XRP Ledger Activity</h2>  
<p>Despite the good increases in trade <a href="https://cryptonewsland.com/over-10000-ripple-community-vote-smart-contracts-integration-on-xrp-ledger/" target="_blank" rel="noopener noreferrer nofollow">volumes</a>, the XRP Ledger (XRPL) network experienced a decline in transaction traffic in Q2. According to Ripple's reports, transaction volume fell by 65.6% compared to the previous quarter.&nbsp;</p>  
<p>However, transaction fees on the network have risen, suggesting a higher cost of operations during periods of reduced activity. Looking ahead, Ripple has several strategic initiatives planned that may enhance the utility and demand for XRP.&nbsp;</p>  
<p>These include integrating the XRPL Ethereum Virtual Machine (EVM) sidechain, which could broaden the <a href="https://cryptonewsland.com/ledger-deletes-firmware-statement-says-wallets-are-safe/" target="_blank" rel="noopener noreferrer nofollow">ledger's</a> functionality and appeal. Additionally, upcoming projects like the OpenEden platform and the launch of the Ripple USD (RLUSD) stablecoin are expected to contribute to increased network activity and foster further growth.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-market-dynamics-and-trader-sentiment-nbsp">Market Dynamics and Trader Sentiment&nbsp;</h2>  
<p>The broader market dynamics and ongoing legal developments influence trader sentiment and market activity for XRP. Ripple's proactive measures toward improving the XRPL and expanding its use cases are critical to sustaining the digital asset's relevance and competitiveness in the continuously changing cryptocurrency ecosystem.</p>  
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>  
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/over-10000-ripple-community-vote-smart-contracts-integration-on-xrp-ledger/" rel="noopener noreferrer nofollow">Over 10,000 Ripple Community Vote Smart Contracts Integration on XRP Ledger</a></li>  
 <li><a href="https://cryptonewsland.com/ledger-ex-ceo-rants-on-reddit-regarding-recent-debacle/" rel="noopener noreferrer nofollow">Ledger Ex-CEO Rants on Reddit Regarding Recent Debacle</a></li>  
 <li><a href="https://cryptonewsland.com/ledger-launches-its-new-ledger-stax-wallet/" rel="noopener noreferrer nofollow">Ledger Launches Its New Ledger Stax Wallet</a></li>  
 <li><a href="https://cryptonewsland.com/rtfkt-partners-with-ledger-for-release-of-rtfkt-designed-products/" rel="noopener noreferrer nofollow">RTFKT Partners With Ledger for Release of RTFKT-Designed Products</a></li>  
 <li><a href="https://cryptonewsland.com/ledger-deletes-firmware-statement-says-wallets-are-safe/" rel="noopener noreferrer nofollow">Ledger Deletes Firmware Statement, Says Wallets Are “Safe”</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/ripples-xrp-climbs-to-14-of-global-trading-volume-as-us-demand-rebounds-to-pre-sec-levels/" rel="noopener noreferrer nofollow">Ripple’s XRP Climbs to 14% of Global Trading Volume as US Demand Rebounds to Pre-SEC Levels</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ripple’s XRP Climbs to 14% of Global Trading Volume as US Demand Rebounds to Pre-SEC Levels

Table of Contents

Crypto News Land

Other articles published on Aug 6, 2024

TrumpCoin Faces Major Value Drop

Yen carry trade to blame for global stock and crypto market meltdown

Lando and Hondo to be included in Star Wars Outlaws’ paid season pass

TrustDice: A Guide to the Online Gaming and Betting Platform

What’s Next For Ripple (XRP) And Cardano (ADA) As Crypto Market Crash!

Marathon Digital Reports 17% Increase in Bitcoin Production, Expands Holdings

Join our free newsletter for daily crypto updates!