XRP Trading Volume Skyrockets by 1700% in Just One Day

  • A court ruling that Ripple’s XRP sales were not investment contracts led to a significant rise in XRP price and an 18-fold increase in trading volumes.
  • Following the court’s decision on XRP, exchanges began to relist the cryptocurrency, leading to a surge in trading volume.
  • As a result of the decision, XRP’s 24-hour trading volume increased from $613 million to $11.25 billion, a 1700% increase.

XRP’s Price and Trading Volume Soar Following Court Ruling

XRP

Following a court ruling that Ripple’s XRP sales were not investment contracts, the cryptocurrency’s price and trading volumes experienced a significant surge. The decision led to a series of relistings by exchanges, which had previously delisted XRP following a lawsuit filed by the SEC against Ripple in December 2020. As a result, XRP’s 24-hour trading volume skyrocketed from $613 million to $11.25 billion, a 1700% increase.

XRP’s Price Doubles, Becomes Fourth Largest Cryptocurrency

In the three hours following the announcement of the court’s decision, XRP’s price doubled from $0.47 to $0.93. Although the token’s price has since fallen, it is still hovering around $0.70 at the time of writing. Additionally, XRP’s market value increased from $24 billion to approximately $43 billion, making it the fourth most valuable cryptocurrency by market value, trailing only Bitcoin, Ether, and USDT.

Record-Breaking Open Positions

According to CoinGlass data, the global volume-weighted funding rates for derivatives reached an all-time high of 0.014%. An increase in funding rates is often seen as a sign that more investors are taking long positions or opening positions in anticipation of a price increase. Open positions in XRP futures are also at their highest level for the year, at $1.08 billion.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Big Brother Whale Huang Lizheng’s 15x ETH Long Realizes $4.93M Profit, Still Holding 16,560 ETH (~$78M)

On September 13, COINOTAG News cited on-chain analyst Ai...

ETH Surges Toward $4,800 After Michigan Consumer Sentiment Plunge; Targets $4,950 Resistance and $4,450 Support

The University of Michigan's preliminary September reading showed US...

Coinbase Hacker Converts $18.91M DAI Into 3,976 ETH at $4,756 Average, On-Chain Analyst Reports

COINOTAG News on September 13 cited on-chain analyst Wu...

ETH Whale Deposits $4M USDC on HyperLiquid to Fortify 20x Short, Still Holding $14M Unrealized Losses and $26M Total Loss

COINOTAG News (Sept. 13) reports that Onchain Lens monitoring...

Arthur Hayes Predicts Bitcoin Bull Market Could Run Until 2026 as Trump Stimulus Looms

COINOTAG News reported on September 13 that BitMEX co‑founder...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img