XRP Trading Volume Soars Following Favorable Court Ruling

News of XRP’s favorable ruling in its legal battle against the US Securities and Exchange Commission sent the token’s trading volumes surging by more than 1,300%.

The ruling sparked a surge in the price of XRP, as the digital asset reached $0.93, the highest value seen since May 2021.

Data collected by CCData, a prominent cryptocurrency research firm, revealed a significant influx of trading activity following Judge Annalisa Torres’ ruling.

CCData’s research showed that XRP trading pairs on centralized exchanges saw a total volume of $6.05 billion on the day of the judgment, which represents an increase of 1351% compared to the previous day.

The higher trading volumes can be attributed to the enthusiastic price rally and major cryptocurrency exchanges embracing XRP trading following the partially positive court decision.

Additional data from CoinGecko that backs up CCData’s findings shows that in the 24-hour period, XRP traded around $11.2 billion, which is a significant increase compared to the $613 billion seen the day before.

Altcoins benefit from higher prices

A trading frenzy ensued as important exchanges such as Coinbase and Kraken reopened or announced plans to reopen XRP trading on their platforms following the ruling.

The judge’s decision clarified that the sale of XRP on exchanges did not constitute an investment contract, mitigating risks on the trading platform and allowing users to freely trade with the token.

Kraken and Bitstamp wasted no time in reintroducing XRP trading shortly after the ruling, and Coinbase and Gemini expressed their intent to reintroduce XRP trading. Even the beleaguered Binance.US opened trading with XRP the next day.

In South Korea, UpBit, a popular exchange for XRP traders, recorded a trading volume of $2.5 billion for the digital asset. This figure represented more than 50% of all trading volumes on UpBit during that period. The data points to the speculative frenzy surrounding XRP, with a market depth of close to $5 million during the Asian morning hours.

The bullish momentum of XRP affected its market and positively affected other altcoins, leading to a double-digit rally in the cryptocurrency market.

Ahead of the verdict, technical indicators for XRP suggested a favorable outlook for the coin. The Relative Strength Index (RSI) rose above 50, indicating that momentum may be regaining after a period of decline. Moreover, XRP’s 30-day moving average is sloping upwards and is looking to cross the 200-day moving average in the coming weeks.