XRP, the cryptocurrency associated with blockchain payment firm Ripple, has reportedly surpassed Bitcoin in monthly trading volume since the US Securities and Exchange Commission (SEC) ruling on July 13. According to a report by blockchain information service Kaiko, XRP trading has seen a 61% increase since the court’s decision, with XRP accounting for 21% of global trade volume on Monday morning, ahead of Bitcoin with 20%. The report also noted that Ether accounted for 8% of trading at that time.
The July 13 ruling on the SEC suit filed against Ripple has led to unprecedented interest in the XRP token. In the few days since the court decision, a jump in XRP trading has seen it surpass all other cryptocurrencies in monthly volume, according to Kaiko. The price of XRP has hit a 15-month high, and trading volume is at a 10-month high.
XRP’s market cap has also risen to become the fourth largest cryptocurrency, up from seventh place, with a $21.2 billion increase within hours of the ruling. The return of the token to US crypto exchanges, such as Coinbase, has helped its trading volume, while international support has helped it weather the SEC suit filed in 2020. The report noted that interest remained high, particularly in South Korea, with exchanges Upbit and Bithumb seeing $467 billion in trading after the suit was filed, and Binance processed over $600 billion in trades in that time.
Ripple CEO Brad Garlinghouse expressed confidence that an appeal decision would favor Ripple, although the SEC may appeal the ruling, according to Kaiko.
Source: Cointelegraph
