Ripple Ruling Australian Crypto Exchanges Despite Facing US SEC Lawsuit

Ripple, cross border payment service providing firm has been engaged in a legal tussle forced by the U.S. Securities and Exchange Commission (SEC) for a very long time. This has led to an unclear vision of the company and its native crypto in the nation. However, a review report has surfaced suggesting that Ripple is making strong ground in the Australian crypto market.

Ripple XRP emerges as the top choice

According to a report by Financial Review, Ripple is dominating trading volumes at some of Australia’s biggest digital exchanges. The current surge is a result of international payments are getting handy as the primary use case in the nation.

As per the data, Ripple’s XRP accounted for 82% of all cash volume on Independent Reserved exchange. However, Melbourne based BTC Markets showed that XRP amounted to 62% of trading cash volume. It mentioned that Ripple volumes stand under 1% compared largest exchanges like Coinbase and Binance.

It added that Ripple transactions were calculated for around $10.2 million just on Independent Reserve in the period of 24 hours. This has amounted to more than all other digital assets merged over the same period.

XRP on a surge

On the market side, XRP has managed to surge despite facing a lawsuit from the US SEC. XRP price has surged by 15% over the past 30 days. It is trading at an average price of $0.39, at the press time. However, its 24 hour trading volume has jumped by 3% to stand at $1.06 billion.

The long running XRP lawsuit has become a hope for many crypto firms and enthusiasts for obtaining clear regulations over the digital asset market. Reports suggest that a summary judgment in the crucial lawsuit is expected to land in the first half of 2023.