After a court decision, the daily trading volume for XRP reached $11.2 billion.
Following one of the most significant legal proceedings the sector has ever seen, Ripple's XRP has seen its daily trading volume hit $11.2 billion as a result of yesterday's US court decision. The judge determined that XRP was not a security in a landmark case. Its trading volume was 18 times higher than it was at the beginning of that day, according to CoinGecko data.
Following the news, the asset's value soared, which might change the industry as we know it. Indeed, after the announcement of the decision, the value of XRP rose by an impressive 85%. Notably increasing quickly from $0.47 to $087.
After the court ruling, the daily trading volume of XRP increased by 18 times.
Many people in the sector had been anticipating it for more than two years. Indeed, after a protracted legal battle between Ripple and the US Securities and Exchange Commission (SEC), the judge had formally determined that XRP was not a securities. The decision consequently affected the asset's price right away.
In fact, data reveals that in just one day, the XRP's 24-hour trading volume increased from $613 million to $11.2 billion. Furthermore, a number of exchanges had stopped trading in the asset as a result of the initial legal dispute between the SEC and Ripple. Now, a lot of exchanges have decided to support XRP trading once more.
The asset has been relisted on some of the top cryptocurrency trading websites in the globe. These consist of Coinbase, Crypto.Com, and numerous others. These changes caused a shift in its trading volume, which in turn caused a sharp rise in value.
The market reacted fast to the breaking news, and following the decision, the value of XRP increased by 85%. The asset also increased from $0.47 to $0.87 in a brief three-hour period before a modest decline. As a result of the events, the market capitalization of the assets significantly increased.
Particularly, within the past day, XRP's market worth increased to $40.8 billion. As a result of the decision, Ripple's token is currently the fourth-largest cryptocurrency on the market. only trailing Tether USD (USDT), Ether (ETH), and Bitcoin (BTC).