In a remarkable turn of events, XRP, the native token of blockchain provider Ripple, has emerged as one of the leading performers in the cryptocurrency market following its landmark legal victory against the US Securities and Exchange Commission (SEC). The recent court ruling acted as a catalyst, propelling XRP’s trading volume to an impressive 21% of the total crypto market, surpassing Bitcoin’s 20% share according to Kaiko, a prominent data analytics firm specializing in cryptocurrencies.
CoinGecko’s data reveals an extraordinary surge of over 55% in its price within the past four days since the legal victory. The digital asset nearly reached the $1 mark, signifying an astonishing rebound in its value. As a result, XRP has now claimed the position of the fourth-largest cryptocurrency by market capitalization, which currently stands at an impressive $38 billion. Comparatively, prior to the favorable court decision, its market cap was around $25 billion.
Kaiko’s recent analysis further highlights the significant impact of XRP’s recent success. Trades involving the digital asset accounted for a remarkable 21% of the daily market share of the entire cryptocurrency trading volume. This feat not only solidifies XRP’s position among the leading cryptocurrencies but also positions it as a significant player in the crypto market landscape.
Bitcoin, long considered the flagship cryptocurrency, ranked second in terms of trading volume, commanding 20% of the total market share. Ethereum (ETH), another major player in the crypto space, accounted for 8% of the daily market share, reinforcing the notion of Ripple’s impressive performance.
Leading Exchanges Re-list XRP
In a notable turn of events, multiple cryptocurrency exchanges have shown their support for the digital asset by re-launching XRP trading services, contributing to its recent success. Coinbase, Kraken, Crypto.com, and Bitstamp, prominent players in the cryptocurrency exchange landscape, have all reinstated XRP trading hours after Ripple’s legal triumph.
The boost in trading activity has been evident, with the daily trading volume of XRP reaching a ten-month high. Although not reaching the levels seen during the market boom of 2021, the coin’s trading volume surpassed an impressive $15 billion on several occasions during the year.
The legal victory for Ripple Labs came after a prolonged legal battle with the United States Securities and Exchange Commission (SEC) over the classification of XRP as a security. The SEC’s allegations had resulted in a deluge of consequences for the digital asset, including its removal from multiple cryptocurrency exchanges and dampening investor sentiment.
With the ongoing positive trends and the reinstatement of trading on major exchanges, enthusiasts and investors are expressing renewed optimism in the digital asset’s potential for further growth and adoption.