In a recent ruling favouring Ripple Labs in the highly anticipated Ripple vs. SEC case, XRP, the digital asset associated with Ripple, experienced a significant surge in trading volume. On July 13, XRP’s trading volume reached an impressive $10.4 billion. While this figure may seem substantial, it ranks as the 76th largest daily trading volume recorded on CoinMarketCap (CMC) for XRP, highlighting the immense potential of the cryptocurrency.
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Leonidas, the host of the popular crypto YouTube channel XRPArcade, noted this recent surge in XRP trading volume and emphasized its historical context. In a tweet, Leonidas acknowledged the $10.4 billion spike in volume while pointing out that it falls within the lower range of notable volumes recorded by XRP on CMC. The highest daily trading volume for XRP, almost $37 billion, was recorded on April 6, 2021. Leonidas suggests that this recent surge in volume may be just the beginning for XRP, indicating that with continued traction and the positive outcome of the Ripple vs. SEC case, XRP could surpass its previous records and reach even greater heights.
XRP Demonstrates Immense Potential as Trading Volume Ranks 76th in History
CoinMarketCap data reveals that XRP has had numerous instances of even higher trading volumes throughout its existence. For example, on April 6, 2021, XRP achieved its all-time highest daily trading volume, soaring to nearly $37 billion, which is over three times the recent high of $10.4 billion. Additionally, on February 1, 2021, XRP recorded the second-largest 24-hour volume, amounting to $34.97 billion. This milestone was achieved less than two months after the SEC levelled charges against Ripple, creating significant legal pressure on XRP.
Following the strides made in 2021, XRP experienced a decline in trade volume throughout 2022 due to the prevailing bear market and various market implosions. XRP’s trade volume remained below $7 billion for 2022, with the highest value recorded being $6.16 billion on February 8.
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Despite intermittent price spikes this year, XRP failed to surpass the $6.16 billion high until the recent ruling by Judge Torres, which triggered a renewed interest from investors. The $10.4 billion trading volume recorded on July 13 represents the most significant volume registered by XRP since August 2021.
At the time of reporting, XRP’s current 24-hour trading volume stands at $3.95 billion, showcasing a remarkable increase of 69.19% over the past 24 hours. Binance commands the largest share of this volume at 17.98%, amounting to $708.5 million, while Coinbase registers a volume of $50.7 million.
With the positive momentum from the Ripple vs. SEC case and the renewed investor interest, XRP continues to demonstrate its potential for growth in both trading volume and market value. As the cryptocurrency market evolves, all eyes will be on XRP to see if it can surpass its previous records and establish new milestones in the future.