In the wake of a favorable court ruling in the Ripple v. SEC case, XRP has witnessed an extraordinary surge in demand and trading activity. With over 1 million transactions per minute worldwide, XRP has become the center of attention for investors around the world.
This unprecedented growth comes after a period of legal uncertainty and trading restrictions, positioning XRP for potential success in the cryptocurrency market.
Milestone of XRP: Over 1 million transactions per minute driving growth
Visionary entrepreneur and self-proclaimed “Crypto Crusader” known as Nick on Twitter quickly recognized the unparalleled growth potential inherent in XRP.
Nick took to social media and expressed his awe at the rising demand for XRP, highlighting its relentless upward trajectory in a tweet. With unwavering confidence, Nick firmly believes that this remarkable milestone is just the beginning of XRP’s extraordinary journey.
XRP also experienced a significant increase in trading volume, reaching $10.4 billion on July 13. While this figure may seem impressive, it’s worth noting that it’s only the 76th largest volume in XRP’s history.
This observation highlights the huge potential that XRP holds, suggesting that the recent surge in volume may be just the beginning.
a tweet from Leonidas, the host of the popular crypto YouTube channel XRPArcade, underscores this point by saying, “On July 13, the volume of XRP peaked at $10.4 billion. While this may seem like a large number, historically this was the 76th largest daily trading volume of XRP recorded on CoinMarketCap (CMC). The highest was almost $37 billion on April 6, 2021.”
This historical context highlights that XRP has achieved even higher trading volumes in the past, pointing to the potential for further growth.
XRP price sitting at $0.73 | Source: XRPUSD on TradingView.com
Daily volume increases 18-fold after court ruling and re-listing
The court ruling declaring XRP as no security was in favor of the altcoin as XRP witnessed a dramatic increase in trading volume, rising from $613 million to $11.2 billion in a single day.
New York’s Southern District Court ruling has revived investor interest in XRP, driving major exchange platforms such as Coinbase, Kraken, and Crypto.com to relist the asset.
The market responded with the value of XRP rising by 85% from $0.47 to $0.87, with the token currently trading at $0.78 despite the market drop.
Additionally, XRP’s market cap also experienced a substantial boost, reaching $40.8 billion in the past 24 hours. This surge made XRP the fourth-largest cryptocurrency in terms of market capitalization, trailing only Bitcoin (BTC), Ether (ETH), and Tether USD (USDT).
The derivatives market also witnessed increased interest, with funding rates and open interest for XRP derivatives hitting year-high levels, indicating growing confidence among traders.
Featured image from Outlook India chart from TradingView.com