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XRP Skyrockets 194% in Volume as Key Ripple v. SEC Date Arrives

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Mon, 13/05/2024 - 13:41
XRP Skyrockets 194% in Volume as Key Ripple v. SEC Date Arrives
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In a notable surge, the trading volume of derivatives on the popular cryptocurrency XRP has soared by a staggering 194% within the last 24 hours, according to data from CoinGlass.

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This surge in activity is underscored by the remarkable uptick in monetary terms, with the turnover of derivatives, primarily open-ended futures, on XRP spiking to $831.89 million. Simultaneously, the spot market for the cryptocurrency witnessed a robust 130% increase in trading volume, totaling an impressive $878.89 million.

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This remarkable surge catapults the total turnover of XRP on centralized platforms to a substantial $1.7 billion within a single day. With XRP's capitalization standing at $28 billion, the trading volume of the cryptocurrency is estimated to represent approximately 6% of its capitalization, signifying notable but not excessive trading activity.

Ripple v. SEC

Of particular significance is the timing of this surge in XRP trading activity, occurring on May 13, a pivotal date in the ongoing legal battle between Ripple and the SEC

Today, the involved parties in the case have filed omnibus letter-motions, seeking to seal all materials related to the remedies-related briefing, including briefs, declarations and supporting exhibits. Additionally, proposed redactions to such materials have been submitted by the parties and any third parties involved.

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This legal showdown stems from the SEC's pursuit of Ripple, with the regulatory body seeking substantial penalties totaling $1.95 billion for alleged breaches related to the sale of unregistered securities to institutions.

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