XRP price has rallied by over 31% in the past week despite US-based crypto exchanges continue to delist XRP from their platforms. XRP price recovered from a low of $0.18 in the past week of SEC lawsuit against Ripple and traded over $0.33 briefly before falling back to current $0.28 support region.
Data Supports Ripple CEOs claim that 90% XRP is Traded outside US
So, is it true that 90% of XRP is actually traded outside US as claimed by Ripple CEO?
Q: Did you pay exchanges to list XRP? When will it be relisted?
XRP is one of the most liquid (top 3-5) digital assets globally, and 95% is traded outside the US. Ripple has no control over where XRP is listed, who owns it, etc. It’s open-source and decentralized. 3/10
— Brad Garlinghouse (@bgarlinghouse) January 7, 2021
The recent XRP price rally is predominantly carried by Asian exchanges, where,
Binance led by processing over 32.71% of the traded volume worth nearly $337 million, followed by HitBTC with 14.7% worth $145 million and Huobi 11.47% worth $117 million.
The fourth-largest cryptocurrency recorded over $1 billion in trading volume in the past 24 hours.
Most of the US-based exchanges will halt XRP trading by January 15, however, exchanges outside the US do not seem to be much bothered about the lawsuit and have extended support to Ripple and XRP. In fact, many exchanges even saw XRP taking the top spot in terms of daily traded volume above bitcoin which is currently selling at a premium on many exchanges.
Koreans are smth else pic.twitter.com/USa8TzPXJ3
— Andrew Køng (@Rewkang) January 7, 2021
SEC Director Marc Leaves while Pro Crypto Gary Gensler May be New SEC lead
Marc P. Berger, the acting enforcement director of the SEC also the man who led the lawsuit against Ripple is leaving the agency at the end of the month. Berger’s end of short tenure comes as good news for the XRP community as he played a key role in building the case against two of its executives.
Acting Enforcement Director Marc P. Berger to depart the Commission https://t.co/DvvCQfbPDa
— SEC_News (@SEC_News) January 12, 2021
XRP community’s rejoice was further elated with the possibility of Gary Gensler, who has also headed CFTC in his earlier tenure to be new SEC Chairman . Gensler’s chances of replacing Jay Clayton under the new Biden administration couldn’t have come at a better time for Ripple as he back in 2018 has claimed XRP to be a bridge currency.
Asian Markets Keeping XRP price afloat, XRP transactions Rise Despite lawsuit
South Korea is one of the key markets for Ripple and thus XRP is fairly popular owing to top remittance services such as Sentbe, Hanpass, and WireBarley being RippleNet partners. This is the key reason behind high XRP trading volumes on Korean exchanges even at a time when many in the US believe XRP price would crash into oblivion.
Bithumb, one of the largest South Korean exchanges, recently in news over acquisition speculations recorded $289 million in XRP trading volume.
Another interesting thing to note here is that most of the trading volume from South Korea has come in local Fiat trading pair such as XRP/ KRW topping the volume charts, on the other hand, Binance which is a global exchange but dominated by Asian markets saw XRP/USDT pairs topping the volume charts.
Apart from the rising trading volume in Asian markets the transaction rate of XRP has seen a significant jump as well suggesting an increase in use.
While a lot has changed since 2018 for XRP and Ripple but his appointment would still give a ray of hope to the XRP community especially in the US. Another thing to note here is that Ripple’s majority of remittance business and XRP trading volume comes from outside the US something its Japanese partner SBI Holdings has also pointed out. XRP has held its ground quite well since the lawsuit and looking at the recent developments, the chances of it surviving the ongoing lawsuit looks stronger.
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?