- Ripple’s XRP sees a surge in trading volume amidst the market downturn.
- The court ruling on SEC’s motion to dismiss a case against Debt Box impacts Ripple.
Amidst a broader downturn in the cryptocurrency market, Ripple [XRP] has seen an astonishing surge in trading volume, spiking by an impressive 125%. According to data from CoinMarketCap, XRP’s 24-hour trading volumes have soared by 138%, reaching an eye-catching $3.96 billion.
This surge in XRP’s trading activity comes at a critical juncture for the crypto market.
What’s the reason behind the rally?
The sudden surge in XRP’s trading volume has intrigued investors and analysts alike, prompting speculation about its drivers. While the exact reasons are unclear, it may reflect investors strategically capitalizing on lower prices, anticipating a market recovery.
This was underscored by on-chain analyst Mr. Hurber, who took to X (formerly Twitter) to share a picture indicating a notable surge in XRP price.
The surge comes after the recent SEC motion to dismiss a case against crypto firm Debt Box. A U.S. court imposed sanctions on the Commission for acting in “bad faith” in a lawsuit it brought against Debt Box.
Remarking on the same, Ripple Chief Legal Officer Stuart Alderoty noted,
“Today, a Federal Court sanctioned the SEC for abusing its unique status to present evidence that was false, mischaracterized, and/or misleading. If anyone thinks this conduct by this agency under this leadership is limited to this case, I have a bridge in Brooklyn to sell.”
Since December 2020, Ripple has been embroiled in a prolonged legal feud with the SEC, aiming to refute allegations and clarify XRP’s regulatory standing.
SEC v/s Ripple
The SEC is set to argue for punitive penalties against Ripple for failing to register XRP as a security. The impending penalty could influence investor interest and XRP’s buyer appetite.
However, the SEC’s plans to appeal the ruling on Programmatic Sales of XRP pose a more significant challenge. With market uncertainties looming, the journey of XRP is under close observation by investors and traders alike
