XPR Prices Railed Succeeding Court Ruling and Exchange Relisting
XPR 24-hour trading volume increased by 18 folds, from $613 million to $11.2 billion within July 13 to 14.
The cryptocurrency XRP witnessed a remarkable surge in trading volume on Thursday, following a federal court ruling stating that some “programmatic” transactions of the digital asset did not constitute the sale of securities. This decision has opened the doors for exchanges to relist the asset after over two years.
According to data from Bloomberg, the 24-hour trading volume experienced a dramatic surge, jumping from $613 million to $11.2 billion between July 13 and 14, representing an 18-fold increase within a single day.
On July 13, Judge Analisa Torres issued a summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security. However, the ruling refers only to the token’s sales on digital asset exchanges. The judgment was greeted with relief by the XRP community, as the SEC lawsuit filed in 2020 forced several crypto exchanges in the U.S. to delist the XRP token.
In reaction to this development, crypto exchange platforms including Coinbase, Kraken, OKX, and Crypto.com have opted to relist the asset. Similarly, Gemini, another major player in the market, announced that it was exploring the possibility of relisting XRP.
The market’s reaction was swift and dramatic. XRP’s value appreciated by 85% after the ruling was announced, rallying from $0.47 to $0.87 within a span of three hours on Thursday. Although the token’s price subsequently receded slightly, it currently trades at $0.78.
Additionally, XRP’s market capitalization saw a boost to $40.8 billion in the past 24 hours. This rise has positioned XRP as the fourth largest cryptocurrency in terms of market capitalization, trailing only behind Bitcoin (BTC), Ether (ETH) and Tether USD (USDT).
The crypto community celebrated the win, with many describing it as a watershed moment, while others cautioned it was only a partial victory. Stephen Palley, a lawyer, noted that the summary judgment is only partial and that the ruling by Torres may not set a precedent. He also reminded the crypto community that the SEC may very well appeal the judgment.
In the derivatives market, data from CoinGlass shows that the aggregated volume-weighted derivatives funding rates have climbed to the highest level for the year, at 0.014% globally. When the funding rates increase, it typically indicates that there are more traders holding long positions, which means more traders are betting on the price to increase. Meanwhile, the open interest for XRP derivatives currently stands at $1.08 billion, also the highest for the year.
