Ripple’s XRP has been in the headlines for several months now, with excitement surrounding the case against the US Securities and Exchange Commission.
Earlier in July, Judge Annalisa Torres to rule Secondary sales of XRP do not constitute investment contracts. The news was widely seen as positive, and the markets responded immediately, with the cryptocurrency nearly doubling in price.
And while the Commission has somewhat confirmed that there will be an appeal, this does not seem to discourage traders, especially now that many exchanges are bringing back XRP.
XRP has become the most traded altcoin in 2023
Data from Kaiko Analytics source open XRP has captured the spot of the most traded cryptocurrency in 2023 so far.
Behind it, albeit by a lot, are SOL, the popular meme currency DOGE, BNB, MATIC, and others. It is very likely that the spike in trading volume was directly caused by Ripple’s partial victory against the SEC following the recent court ruling.
Several leading cryptocurrency exchanges delisted XRP back in 2020 when the commission filed a lawsuit, essentially claiming that the altcoin met security standards. Once the court ruled that secondary sales of XRP did not constitute an investment contract, most of those reinstated the altcoin, resulting in a massive increase in trading volume and open interest.
The above was clearly reflected in the comments of Max Sandy – Senior Product Manager, Ramp Network. When he reached out to him last week for his opinion, Sandy said:
It’s been a booming week for XRP. According to data from the Ramp Network, worldwide XRP volume is up an impressive 1113% compared to the previous 90-day average. The number of users buying XRP through Ramp has increased by 834% worldwide, while the number of new users joining the XRP party has increased by a remarkable 1,215% which shows increased interest from both the old and new guard.
The Prime Minister also said that XRP has become the UK’s #1 most bought cryptocurrency on its platform.
What’s next for XRP? Nexo CEO Antoni Trenchev Chips In
Potato encryption He reached out to Anthony Trenchev for his ideas, too. According to him, the XRP surge had a ripple effect on the market, but he also acknowledged that if we zoom out, it will not be so straightforward to reach the previous all-time highs.
If you look back over the past week, XRP has had a ripple effect on the market. Minimizing the battle to reach previous highs will never be a straight line. Further bullish movement could be envisaged if the macro tailwind works to the advantage of crypto along with Bitcoin ETF approval. – said Trenchev.
In fact, many have pointed to BlackRock’s success rate in getting their ETF deposits approved. It’s 575 to 1. That’s right, only one of the Asset Management giants has had one file rejected.
Trenchev also noted that XRP has a loyal following in the East, while the recent court ruling has also had an impact on other cryptocurrencies as well.
In the East, especially Korea, XRP has a loyal following. Meanwhile, in the West, the court’s ruling is seen as a sign of reining in the SEC’s most punishing enforcers. Combined, these events have had a strong impact not only on XRP, but also on other cryptocurrencies. If this is the beginning of the cryptocurrency alt season, then it would be appropriate for XRP to be the coin leading the breakout.
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