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

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.