XRP Price Poised To Massive Surge Despite Gaining 63%; Here’s Why
XRP News: XRP, Ripple’s native crypto emerged as a leader of the digital asset industry against the U.S. Securities and Exchange Commission (SEC) as it managed to bag the reported status of not being a “Security”. The much anticipated summary judgment in the Ripple case pushed XRP price to surge by 70% in a day. However, the data suggest that this price jump might be just the beginning for the token.
Also Read: Settlement Or Appeal? What’s Next In XRP Lawsuit?
Wide Space For XRP Price Surge
Leonidas, a crypto data curator shared the XRP’s trading volume jump on July 13, 2023, when the U.S. district court produced the summary judgment in the Ripple case. XRP’s trading volume spiked to stand around $10.4 billion. This turned out to be a massive number for the token, however, data suggests that historically it was just the 76th highest daily trading volume recorded on CMC.
XRP registered the highest trading volume of almost $36 billion on April 6th, 2021. The token price jumped to touch the $1.11 mark, while it closed trading around $1.09 on that day. It is important to note that back in 2021, XRP was widely available on almost all crypto exchanges in the United States with different trading options. Read More XRP News Here…
Relist To Push Its Price Up?
The US SEC’s claims against Ripple and XRP damaged the token’s reputation and hampered its availability. The biggest crypto exchange in US, Coinbase, and others delisted XRP token. Meanwhile, defendants now have gained clarity around the XRP’s status in the eye of the law which led to a massive surge to its price.
Since the judgment came out all the major crypto exchanges had announced the listing and relisting for XRP. The upcoming developments will surely prove to be a big game changer for token.
XRP price is up by more than 6.72% in the last 24 hours. XRP is trading at an average price of $0.772, at the press time. Its 24 hour trading volume stands at around $3.4 billion.
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