According to Kaiko Analytics, demand for XRP on digital asset exchanges has recovered to levels seen before the lawsuit with the U.S. Securities and Exchange Commission (SEC).
The recent court ruling, which deemed XRP sold on exchanges as non-securities, has led to a surge in demand. This rebound is a testament to the resilience of XRP and its community, who have weathered the storm of regulatory uncertainty.
The recovery in demand is a significant development for XRP, which had faced significant headwinds due to the SEC lawsuit. The lawsuit had led to a decline in trading volume and a loss of market share for XRP. However, the court ruling has helped to restore confidence in the cryptocurrency, leading to a rebound in demand.
Pent-Up Demand Unleashed
The SEC lawsuit had previously hindered XRP trading on top exchanges, resulting in pent-up interest among traders. Following the ruling, several U.S. exchanges, including Coinbase and Gemini, relisted XRP, unlocking this demand. As a result, the share of U.S. platforms in global XRP volume has increased significantly, from less than 2% to 14% over the past year.
This growth in demand highlights the potential for XRP to regain its footing in the U.S. market. The relisting of XRP on top exchanges has provided a boost to the cryptocurrency, allowing it to reach a wider audience and increase its trading volume.
Ongoing Volatility and Future Outlook
Despite the ongoing legal battle with the SEC, XRP has shown remarkable volatility. Speculation surrounding a potential SEC settlement drove XRP’s price gains in July, outpacing Bitcoin (BTC) by 35% to 9%. However, the cancellation of a closed-door meeting scheduled for August 1st led to a price drop.
Currently, XRP is trading at $0.5136, demonstrating a 3.95% increase in the last 24 hours and a 17.81% decline in the past week which is in line with the broader market downturn. As the legal battle continues, market volatility is likely to persist. Nevertheless, the growing demand for XRP on exchanges suggests a positive outlook for the cryptocurrency.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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