XRP's Trading : 2 Million XRP Traded Every Minute, Could It Surpass Bitcoin?

Bombolo | News and Media

The XRP Ledger's native currency, XRP, witnessed an extraordinary surge in trading activity on top cryptocurrency exchanges like KuCoin and Poloniex, with on-chain data indicating a staggering 2 million XRP changing hands every minute on July 19. This unprecedented trading frenzy has contributed to the coin's significant price appreciation, with prices soaring 72% from the lows of July 2023. The resurgence in trading volumes and the recent court ruling regarding XRP's security status have fueled optimism among investors, resulting in predictions of continued growth in H2 2023. Notably, major exchanges like Coinbase and Kraken have also relisted XRP, boosting confidence and liquidity for the token.

Also Read: XRP Price Prediction: Will $XRP price reach $1? 

XRP's Spectacular Rally: On-Chain Insights and Market Sentiment

The XRP Ledger experienced an unprecedented surge on July 19, with on-chain data revealing an astounding 2 million XRP being traded per minute on leading exchanges like KuCoin and Poloniex. This surge in trading volumes has had a significant impact on the coin's value, driving prices up by an impressive 72% from the lows seen in July 2023. The surge in trading activity points to strong demand and investor confidence in the XRP token.

Regulatory Clarity Unlocks XRP's Potential: Court Ruling Verdict

The recent court ruling declaring that XRP does not meet the legal definition of a security has been a game-changer for the token. Three years ago, the SEC filed a lawsuit against Ripple, alleging that the company and its executives raised over $1 billion through illegal sales of XRP. However, the recent ruling in favor of Ripple Labs has removed uncertainty around XRP's status, providing much-needed regulatory clarity and boosting investor confidence.

Also Read: XRP's Trading Volume Surpasses Bitcoin Amidst SEC Lawsuit Victory

Ripple's Legal Battle and Victory: Clearing Allegations and Doubts

Ripple fought the SEC lawsuit vigorously, denying the allegations of selling an unregistered security. The legal battle resulted in significant expenses for the company, but their determination paid off when the court ruled in their favor, validating XRP as a legitimate digital asset.

Major Exchanges Join the XRP Party: Coinbase, Kraken, and More

The positive regulatory outlook and growing confidence in XRP have led major cryptocurrency exchanges like Coinbase Global and Kraken to relist the token. Coinbase had delisted XRP in December 2020 after the SEC lawsuit, causing a wave of delistings across the US exchanges. The recent relisting of XRP across these major platforms signifies renewed faith in the token and opens up trading opportunities for US clients who were previously cut off.

Also Read: Following Ripple's Legal Victory, XRP Skyrockets with 18x Increase in Trading Volume

Reviving Confidence: XRP's Liquidity and the Future Outlook

The relisting of XRP on major exchanges is not only a vote of confidence but also expected to boost the coin's liquidity significantly. With more avenues for trading, XRP's trading volumes are expected to grow in the coming months, further solidifying its position in the cryptocurrency market.

Predictions for H2 2023: Institutional Adoption and Growth Prospects

Analysts predict that XRP's rally will likely continue throughout H2 2023, driven by the recent regulatory clarity and increased institutional interest. The court ruling has potentially opened doors for institutional adoption, expanding XRP's use cases and utility in the financial industry.

Bridging the Gap: XRP's Ascent Towards Ethereum and Bitcoin

With regulatory challenges behind and renewed market confidence, XRP aims to narrow the gap with leading cryptocurrencies like Ethereum (ETH) and even challenge Bitcoin's position as the second-largest coin by market capitalization. XRP's resilience during the crypto winter of 2022 has already demonstrated its ability to maintain a top 10 ranking, and with current developments, its ascent in the rankings seems promising.

Also Read: Anticipating Another Major Win: Ripple's Path to Success and the Future of XRP Price