- Following the recent court decision, XRP has surpassed Binance Coin (BNB), one of the top four cryptocurrencies by market capitalization, with a more than 90% increase within 24 hours.
- Between July 12th and 13th, XRP’s MVRV (Market Value to Realized Value) ratio increased by over 300%. At the time of writing, this metric stood at 102.76%.
- While XRP had a 21% trading volume share after Judge Torres’ decision, Bitcoin (BTC) lagged behind with only a 20% trading volume share.
In the Ripple v. SEC case, Judge Torres’ ruling on XRP boosted trading activity for XRP and allowed it to surpass Bitcoin.
Ripple’s SEC Case Boosts XRP
According to a recent report by crypto research firm Kaiko, following the decision last week stating that Ripple did not violate federal securities laws by selling XRP tokens on public exchanges, 21% of all transactions were conducted in XRP.
The ruling by U.S. District Judge Analisa Torres propelled XRP to rise over 90% within 24 hours, surpassing Binance Coin (BNB) in terms of market capitalization. At the time of writing, XRP’s market cap was set at $39 billion.
According to Kaiko’s findings, the recent surge in XRP’s value has enabled it to surpass Bitcoin in terms of crypto trading volume. While XRP had a 21% trading volume share during this period, BTC lagged behind with only a 20% trading volume share.
Contrary to the misconception that XRP’s value and volume would be negatively impacted by delistings and the ongoing Ripple-SEC legal battle, Kaiko stated:
“What is interesting about XRP is that it did not experience an overwhelmingly negative impact on price or volume following delistings. XRP has managed to gather a strong international following after being delisted from most U.S. platforms in 2021. Korean exchanges, in particular, have seen significant volume for XRP, with Upbit and Bithumb having executed a combined total of $476 billion since the case began.”
However, despite the significant increase in XRP’s trading volume in the past week, it remains at a 10-month high. According to Kaiko:
“Today, XRP is trading at 15-month highs but volumes are only at 10-month highs, indicating that global trading activity is still subdued despite this large-scale bullish effect.”
XRP Investors Regain Confidence in Alternatives
The recent price surge of XRP has led many investors to profit from their holdings. Prior to the price rally, XRP’s Market Value to Realized Value (MVRV) metric was positive, and the court decision further increased this on-chain metric.
Between July 12th and 13th, XRP’s MVRV ratio increased by over 300%. At the time of writing, this metric stood at 102.76%. This means that the current market value of XRP is on average 102 times higher than the last purchase or transaction price, putting holders in a profitable position.
Similarly, funding rates for XRP on major exchanges such as Binance and BitMEX have turned positive in the past week, indicating that token holders continue to bet in favor of the price rally.
However, based on the movements of significant momentum indicators on the daily price chart, XRP accumulation may be cooling off. While indicators like RSI, MFI, and CMF are still above the neutral line, they suggest that XRP is in a downward trend and that some investors are “dumping” the altcoin to take profits.
