XRP Daily Trading Volume Doubled to $4.5B During 2nd Quarter
XRP token’s average daily trading volume has soared during the Q2 of 2021, regardless of the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC).
According to Ripple’s recently published XRP market report, the daily trading volume of the cryptocurrency doubled to average $4.49 billion per day, up from $2.26 billion recorded during Q1 of 2021.
The first quarter of 2021 witnessed heightened volatility in the market, which saw the prices of most cryptocurrencies, including XRP, initially soared along with BTC. Bitcoin recorded a new all-time high near $64,000 earlier this year, before plunging to below $30,000. It has since then recovered and is currently trading between $41K – $42K range.
XRP was trading as high as $1.83 before market wide correction, during which it dropped as low as $0.5 during this quarter. Ripple’s native token has since then recovered and is now trading close to $0.76, according to CoinMarketCap.
Source: Ripple
In the XRP market report Ripple pointed out that regardless the increase in trading volume, XRP’s price was rather volatile, as was the rest of the crypto market. The company credited the volatility to a number of various events, such as ransomware attacks, environmental concerns, Elon Musk’s tweets and regulatory scrutiny, among others.
Ripple sold a total of $157.92 million worth of XRP during Q2 of the year, up from $150.34 million in Q1. The payment giant mentioned that regulatory crackdowns from several jurisdictions had an impact the cryptocurrency market, as did high inflation expectations in the global economy.
Despite the on-going SEC’s lawsuit against Ripple and two of its executives, XRP’s trading volume price and trading volumes have been stable. The SEC’s lawsuit against the company accuses Ripple for raising over $1.3 billion through an unregistered, ongoing digital asset securities offering. A claim that Ripple denies.
Earlier this year when the news of the lawsuit emerged, it had a negative impacted XRP price. Many crypto exchanges in fear of regulatory problems, started delisting the token, affecting its liquidity. Some exchanges, bravely, held Ripple’s side despite the lawsuit, arguing that the SEC’s move hurt XRP investors.
Ripple itself has correctly pointed that the lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple. According to the firm, it “muddied the waters for exchanges, market makers, and traders.”
