XRP, the governance token of the Ripple network, has recorded unprecedented demand and social activity surge, with over 1M trades per minute worldwide.
This surge follows a favorable verdict in the Ripple vs. SEC lawsuit and has captured the attention of investors globally.
Global XRP Trading Surges Over 1M Trades Per Minute
The recent verdict in favor of Ripple has generated excitement within the cryptocurrency market. Well-known figures, including Nick, an entrepreneur regarded as a “Crypto Crusader,” have reiterated the prospects associated with XRP.
Nick expressed his astonishment regarding the rapid surge in demand. Meanwhile, data from the market intelligence platform Fiatleak confirms that XRP transaction volume had exceeded 1M globally, further solidifying its position in the market.
The surge in XRP demand is evident in the spike in trading volumes witnessed over the past few days. Market participants continue to show overwhelming interest in the asset, driving its trading volume to new heights.
Other on-chain data also shows that XRP’s social engagement metrics exceeded those of Ethereum (ETH) and were only slightly behind Bitcoin (BTC). This surge in social activity indicates a growing community around XRP.
Moreover, the surge in demand has translated into a significant increase in trade volume on major exchanges, including Binance, Coinbase, Uphold, and Kraken. Following the ruling, the Uphold crypto platform encountered temporary technical difficulties due to the surge in XRP trading volumes.
The trading volume for XRP surged to a massive $10.39 billion on July 13, further fueled by re-listings on Coinbase and Kraken. Korean investors were also making enormous demands for XRP, further contributing to the coin’s trade volume surge.
On July 14, Upbit, the biggest exchange in South Korea, announced that it recorded the highest global trade volume for XRP after the exchange processed $2.5 billion worth of XRP transactions within 24 hours.
Although XRP’s 24-hour volume has slightly decreased from its peak on July 13, it remains robust at $3.8 billion at the time of writing. Binance dominates this volume, accounting for 21.91% of the total volume, with $688 million in trade volume.
OKX is second with $161 million in XRP trade volume, while Coinbase ranks ninth with a volume of $50 million.
XRP Price Surges Above $0.60
The favorable verdict in the Ripple vs. SEC lawsuit has also boosted XRP’s price significantly, with about 29% increase in less than an hour. The price of XRP surged above $0.60, a level not seen since May 2022.
This price spike is a relief for XRP holders, who have endured a market-wide plunge amidst the ongoing legal battle with the SEC. Nevertheless, XRP is still down approximately 84% from its peak price of $3.40 in January 2018.
Brad Garlinghouse, the CEO of Ripple Labs, celebrated the favorable decision by expressing his gratitude to everyone who supported the company. He added that this decision is significant for Ripple and the entire crypto players in the United States.
As XRP’s demand continues to surge and trading volumes remain impressive, market participants eagerly anticipate further growth opportunities for this digital asset. Regardless of the ruling, Ripple’s ODL technology continues to enjoy widespread use globally.
