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Home » XRP Experiences Renewed Demand Hitting Peaks Not Seen Since PreLawsuit Days
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XRP Experiences Renewed Demand Hitting Peaks Not Seen Since PreLawsuit Days

By adminAug. 6, 2024No Comments3 Mins Read
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XRP Experiences Renewed Demand Hitting Peaks Not Seen Since PreLawsuit Days
XRP Experiences Renewed Demand Hitting Peaks Not Seen Since PreLawsuit Days
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XRP trade volume spikes to high last witnessed before the SEC’s lawsuit against Ripple, per data sourced by analytics firm Kaiko.
Citing Kaiko data, blockchain researcher Colin Brown
reveals
that XRP’s market activity has returned to levels seen before the SEC lawsuit. According to him, XRP trading volumes in U.S. markets have significantly increased since Judge Analisa Torres’ summary judgment decision last July.


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Notably, the court ruling noted that XRP in itself is not a security. It also clarified that Ripple’s XRP sales via secondary trading platforms are not considered securities transactions, whereas direct sales to institutional investors are classified as such. Consequently, multiple U.S. exchanges, including Coinbase and Gemini, listed XRP, tapping into the previously suppressed demand from U.S. traders.
Trading Volume Surge
Kaiko Analytics’ chart, titled “Share of XRP Volume on US Exchanges,” maps out the percentage of weekly trading volume of XRP on U.S. exchanges from January 2020 to July 2024. The chart highlights these critical events that have influenced XRP’s trading activity.
From January 2020 to December 2020, XRP’s trading volume remained stable between 5-10%, indicating steady market interest. However, on December 22, 2020, the SEC initiated legal action against Ripple, alleging that XRP was sold as an unregistered security. This led to a steep decline in trading volume on U.S. exchanges, falling from about 10% to under 1%.
Throughout 2021 to mid-2022, trading volumes were consistently low, staying below 1%. Notably, from mid-2022 to early 2023, there was a gradual uptick in trading volume, reaching around 3-5%, likely due to developments in the legal case and hopes for a positive resolution.
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On July 13, 2023, Judge Torres ruled that XRP is not a security. This resulted in a significant spike in trading volume, jumping from around 5% to nearly 15%. From late 2023 to July 2024, XRP’s trading volume remained elevated, fluctuating between 10-15%.
This Technical Indicator Concur
Technical indicators also signal a renewed interest in XRP, and possible effects on price. A chart from TradingView
illustrates
the daily price movements of XRP against Tether (USDT) on Binance, incorporating the Demand Index indicator.


The recent uptick in the Demand Index from negative to less negative values suggests that selling pressure is diminishing and buying interest is returning. This resurgence in demand, especially if the DI crosses into positive territory, could signal a potential bullish reversal.
Rising Social Activity
Meanwhile, according to The Crypto Basic, notable figures in the crypto community, like Nick, an entrepreneur and self-proclaimed “Crypto Crusader,” previously
recognized
XRP’s substantial growth potential.
Nick expressed amazement at the surging demand, noting it shows no signs of subsiding. Using data from market intelligence tool Fiatleak, he highlighted that XRP had exceeded 1 million trades per minute globally.
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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