Ripple’s XRP has been making headlines for many months now, with the excitement mostly circling around the case against the United States Securities and Exchange Commission.
Earlier in July, Judge Analisa Torres ruled that secondary sales of XRP do not constitute investment contracts. The news was widely perceived as positive, and the markets reacted immediately, with the cryptocurrency almost doubling in price.
And while the Commission has more or less confirmed that there will be an appeal, this doesn’t seem to discourage traders, especially now that many exchanges relisted XRP.
XRP Becomes 2023’s Most Traded Altcoin
Data from the analytics resource Kaiko revealed that XRP has taken the spot of the most-traded altcoin in 2023 so far.
Trailing behind it, albeit by a lot, are SOL, the popular meme coin DOGE, BNB, MATIC, and others. It’s highly likely that the surge in trading volume has resulted directly from Ripple’s partial win against the SEC following the most recent court ruling.
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Many leading cryptocurrency exchanges delisted XRP back in 2020 when the Commission filed its lawsuit, essentially alleging that the altcoin fits the criteria of security. Once the court ruling was out, though, and it found that secondary sales of XRP didn’t constitute an investment contract, most of these re-listed the altcoin, prompting a massive surge in trading volume and open interest.
The above was also clearly reflected in the comments of Max Sandy – Senior Product Manager at Ramp Network. When reached for his opinion last week, Sandy said:
It’s been a booming week for XRP. According to Ramp Network data, XRP’s worldwide volume surged by an astonishing 1113% compared to the previous 90-day average. The number of users buying XRP through Ramp increased by 834% worldwide, while new users joining the XRP party skyrocketed by a remarkable 1,215% demonstrating an increased interest from both the old and new guard.
The PM also said that XRP became the #1 most-purchased cryptocurrency in the UK on their platform.
What’s Next for XRP? Nexo CEO Antoni Trenchev Chips In
CryptoPotato reached out to Antony Trenchev for his thoughts as well. According to him, XRP’s increase has had a ripple effect on the market, but he also acknowledged that if we zoom out, reaching its previous all-time highs won’t be as straightforward.
If you look back over the past week, XRP has had a ripple effect on the market. Zooming out the battle for previous all time highs will not be a straight line. Further upward movement is conceivable if macro tailwinds work to crypto’s advantage coupled with a Bitcoin ETF approval. – Trenchev said.
Indeed, many have pointed out BlackRock’s success rate in getting their ETF filings approved. It’s 575 to 1. That’s right, the asset management behemoth has only had one of its filings rejected.
Trenchev also noted that XRP has a devoted following in the East, while the recent court ruling has also had an effect on other cryptocurrencies as well.
In the East, particularly Korea, XRP has a devoted following. In the west, meanwhile, the court ruling has been taken as a sign that the SEC’s most punitive enforcers have been reined in. Combined, these events have had a powerful effect not only on XRP, but on other cryptos. If this is the start of crypto’s alt season, it would be fitting that XRP would be the coin to lead the breakout.
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