XRP Trading Volume on US Exchanges Resurges, Approaching Pre-SEC Lawsuit Levels
CryptoNewsTerminal Staff05 Aug, 2024
XRP Trading Volume on US Exchanges Resurges, Approaching Pre-SEC Lawsuit Levels
XRP trading volume on United States cryptocurrency exchanges has rebounded to levels witnessed prior to the Securities and Exchange Commission (SEC) lawsuit filed against Ripple Labs. According to blockchain analytics and crypto research firm Kaiko, demand for XRP in the US has been steadily increasing since the court ruled last year that XRP sold through secondary trading platforms could not be deemed a security. The report highlights that the share of global XRP trading volume represented by US-based platforms has climbed from less than 2% a year ago to 14% currently, roughly aligning with pre-SEC lawsuit norms. Despite the ongoing legal battle between Ripple and the SEC continuing to introduce volatility into XRP's price, the token experienced a significant surge of approximately 35% in July due to rumors of a potential settlement between the two parties. XRP's resurgence in the US market indicates a growing confidence among traders and investors following the court's ruling. It remains to be seen how the ongoing lawsuit will ultimately impact XRP's trajectory, but the recent recovery in trading volume suggests that market sentiment towards the token remains positive.
