Ripple-affiliated XRP cryptocurrency is currently generating more trading volume than Bitcoin, Solana and Ethereum combined on Upbit, the leading South Korea exchange.
The cryptocurrency is benefiting from a new wave of enthusiasm following the much-awaited resolution of the SEC v. Ripple case.
According to CoinGecko data, XRP is up more than 19% over the past 24 hours.
Yuri MolchanAt press time, XRP is the sixth-biggest cryptocurrency by global trading volume (behind only Tether, Bitcoin, Ethereum, USDC and Solana). Its daily trading volume has approached $5.6 billion.
As reported by U.Today, Ripple was ordered to fork out $125 million worth of penalties. While the aforementioned sum might seem substantial, this was framed as a win by Ripple's executives.
Now that the long-lasting legal battle is finally over, XRP holders feel much-needed relief.
Earlier today, the XRP/BTC price experienced a much-anticipated squeeze after months of severe underperformance.
However, it remains to be seen whether this price rally will actually have legs. The Ripple-affiliated token stunned the crypto market with massive gains after the July 2023 summary judgement ruling, according to which the secondary sales of the token were not securities.
However, the rally ended up being just a flash in the pan, and XRP started severely underperforming Bitcoin.
In fact, XRP is down 82% from its record high, which makes it one of the worst-performing major cryptocurrencies.
A one-off price rally is not going to fix the predicament of XRP holders.
Moreover, the SEC might still appeal the Ripple ruling.
Denys Serhiichuk
Tomiwabold Olajide