Between June 17 and July 17, XRP outperformed Bitcoin in terms of volume, gaining 1%, thanks to a new listing on U.S. exchanges and consistent worldwide support, according to Kaiko.
Unprecedented interest in the XRP token has been seen as a result of the judgment rendered on the lawsuit brought by the US Securities and Exchange Commission (SEC) on July 13. Kaiko claims that an increase in XRP trading in the days following the court ruling has caused it to outperform all other cryptocurrencies in terms of monthly volume.
The blockchain intelligence service noticed a 61% rise in XRP trade since the court’s ruling in a research study published on July 17. Prior to Bitcoin, which accounted for 20% of the total trade volume on Monday morning, XRP accounted for 21%. 8% of the transactions within that period involved ether.
Trading volume is at a 10-month high, and the price of XRP has reached a 15-month high. The study cited “Global trading activity remains subdued” as the cause for the comparatively slight increase in trade volume. Aside from that, “Altcoin volumes (excluding XRP) did not see as large a bump as expected.”
Within hours following the decision, XRP’s market cap increased by $21.2 billion, propelling it from seventh to fourth place among all cryptocurrencies. The token’s return to US crypto exchanges aided the growth of XRP trading. However, Kaiko pointed out in its analysis that, because to worldwide support, XRP had astonishingly little trouble surviving the SEC lawsuit, which was filed in 2020:
“What’s interesting about XRP is that at the time, neither the lawsuit nor the exchange de-listings had a particularly negative effect on price or volume.”
Particularly in South Korea, interest remained high, and after the lawsuit was filed, Upbit and Bithumb exchanges saw $467 billion in trading. During that time, Binance processed trades worth more over $600 billion.
According to Kaiko, the SEC may challenge the judgment. Brad Garlinghouse, the CEO of Ripple, expressed confidence in the outcome of an appeal.