XRP has witnessed a surge in demand following the favorable ruling in the Ripple vs. SEC case, as it records over 1 million trades per minute globally.
The crypto market is abuzz with excitement as XRP experiences an unprecedented surge in demand and social activity following the favorable ruling in the Ripple vs. SEC case. With over 1 million trades per minute, XRP has become the center of attention for investors worldwide.
Prominent figures in the crypto space, such as Nick, an entrepreneur and self-proclaimed “Crypto Crusader,” have quickly recognized the immense growth potential of XRP.Â
In a recent tweet, Nick expressed his astonishment at the skyrocketing demand, emphasizing that it shows no signs of slowing down. Citing data from market intelligence tool Fiatleak, Nick pointed out that XRP had surpassed 1 million trades per minute globally.
1 MILLION trades per minute. Demand for $XRP is absolutely crazy right now and will only continue to grow.
Trading volumes for the last 24h has been wild. @LunarCrush recently shared that social engagement stats have flipped $ETH and were slightly behind $BTC
The world is… pic.twitter.com/SMfkCzSuHJ
— Nick | Crypto Crusader (@NCashOfficial) July 16, 2023
He confidently believes this is just the beginning of XRP’s remarkable journey. Over the past few days, XRP has witnessed wild trading volumes, reflecting the overwhelming interest from market participants.Â
Nick called attention to the fact that LunarCrush, a trusted crypto social analytical resource, revealed that social engagement statistics had surpassed those of Ethereum (ETH) and are only slightly behind Bitcoin (BTC).Â
Notably, LunarCrush recently disclosed that XRP’s social activity saw a marked uptick last week following the ruling. The asset flipped ETH in social dominance, boasting social engagements of 31,730. Meanwhile, ETH saw engagements to the tune of 20,666. XRP was only behind BTC.
$XRP social activity moved way up this week. Over the last 10 minutes, it continues to show strength with #XRP having more social engagements than $ETH and $USDT, falling only behind $BTC.https://t.co/yOJ8UGKGVw pic.twitter.com/61h1cJ56Im
— LunarCrush (@LunarCrush) July 16, 2023
LunarCrush previously noted that XRP had claimed the top spot on the LunarCrush AltRank. This ranking system considers both social and market activity. XRP recorded this achievement a few hours after Judge Torres delivered her ruling.
XRP Volume on Exchanges Skyrockets
With increased social activity and global trade comes a surge in trade volume. XRP’s trading volume has skyrocketed across major exchanges such as Binance, Uphold, Coinbase, and Kraken.
Whale Coin Talk, a respected Web3 media group, revealed that the ruling, which clarified that most of Ripple’s sales of XRP are not securities, has directly contributed to the surge in exchange trading volumes.
The recent ruling stating #Ripple's sales of #XRP aren't securities has led to a surge in exchange trading volumes.?
Embracing the positive impact it brings to the #crypto market!? pic.twitter.com/rDVIse6Y80
— Whale Coin Talk (@WhaleCoinTalk) July 16, 2023
Uphold experienced issues with its platform hours after the ruling, as XRP trade volumes overwhelmed it. XRP’s volume surged to a massive $10.39 billion on July 13. The swift relistings from exchanges such as Coinbase and Kraken compounded the volume.
In addition, an impressive demand for XRP among Korean investors also contributed to the surge in trade volume. On July 14, South Korea’s largest exchange Upbit had the highest XRP trade volume among all exchanges globally, with $2.5 billion in 24-hour volume.
XRP’s increasing trade volume led to a surge in the overall volume on these exchanges, including Binance. Although XRP 24-hour volume has dropped from the $10 billion mark observed on July 13, it remains at an impressive value of $3.8 billion as of press time.
Notably, Binance commands most of this volume, with up to $688 million in trade volume, accounting for 21.91% of total volume. OKX boasts $161 million in XRP trade volume, securing second on the list of exchanges with highest XRP volumes. Coinbase sits on the ninth position, with a volume of $50 million.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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