• 23 July, 2024
News

XRP’s Trading Volume Surges 23% to $1.3 Billion Amid Legal Triumph

XRP’s daily trading volume has surged by more than 23% in the last 24 hours, reaching approximately $1.3 billion, per the latest market data. The altcoin has seen significant support from institutional investors, particularly after a substantial legal victory against the United States Securities and Exchange Commission (SEC). 

The recent ruling by US District Judge Jed Rakoff, favoring the SEC in a case involving Terraform Labs and its co-founder, has stirred reactions within the Ripple community. Notably, Ripple’s Chief Legal Officer, Stuart Alderoty, clarified that this ruling holds no bearing on the upcoming trial involving Ripple scheduled for April. Alderoty while comparing the Terra ruling and Ripple’s victory, stated on X, 

I laugh when I see a crypto critic call the Terra ruling ‘mammoth’ and then say Ripple’s victory is ‘minuscule.’ Ripple’s win was a broadside, but even a small crack in a battleship compromises its structural integrity and will eventually sink it.

Along with this, recent months have witnessed heightened activity in the XRP Ledger (XRPL) driven by its top holders. Notably, a substantial 50 million XRP tokens, valued at around $31 million, were swiftly deposited into Bitstamp within 24 hours. A Whale Alert tweet highlighted the movement. 

The altcoin’s pricing trend suggests it is nearing the conclusion of a consolidation phase initiated after the 2021 market surge. Simultaneously, XRP appears on the brink of a potential breakout from its daily consolidation triangle, a development that market analysts believe could signal a bullish shift. If this breakout materializes, predictions indicate XRP may target its subsequent psychological resistance point near 94 cents.

XRP’s recent trading volume surge, institutional backing, and legal triumph paint a dynamic picture of the altcoin’s future. The Ripple community remains vigilant as they navigate legal challenges, while market analysts closely watch XRP’s evolving price action for potential bullish indicators.

In a recent YouTube video, Will Fix, an analyst of the XRP, drew attention to the resurgence of whale activity and its potential implications for the future of cryptocurrency. The discussion shed light on whales’ notable accumulation of XRP after a three-month break. The report also highlighted a substantial acquisition of over $220 million worth of XRP within a week, signaling a positive turn of events for the digital asset.

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