- XRP surpasses Bitcoin in trading volume following a landmark legal victory.
- Attorney John Deaton predicts the ruling will shape the crypto industry for years.
- Despite potential SEC appeal, market sentiment for XRP remains positive.
In a remarkable turn of events, XRP, the native token of the Ripple network, has outshone Bitcoin in weekly trading volume. This surge follows a significant legal victory that has put Ripple in the limelight and sparked a renewed interest in XRP.
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The United States Securities and Exchange Commission (SEC) had previously accused Ripple of selling unregistered securities. However, a recent court ruling in New York has shifted the narrative.
The judge declared that XRP is only considered security when sold directly to institutional investors under specific contracts. When sold to retail investors on crypto exchanges, it does not qualify as a security.
This verdict has led to a resurgence of XRP on major cryptocurrency exchanges, triggering a surge in demand and trading volume. The token now claims over 20% of all cryptocurrency trade volume over the past week, surpassing Bitcoin.
The court decision has also catalyzed a rally for XRP, with its price experiencing an approximately over 60% increase. Despite a nearly 20% drop in value after reaching its peak, the market sentiment for XRP remains positive. The spike in weekly trading volume underscores the increased interest and activity surrounding the token.
On the other hand, Bitcoin seems to have hit a stumbling block. Despite numerous attempts, it has struggled to push past the $30,000 mark. While Bitcoin remains a significant player in the cryptocurrency market, XRP’s recent surge in weekly trading volume has momentarily eclipsed Bitcoin’s longstanding volume dominance.
Adding to the legal landscape, Attorney John Deaton has highlighted the significance of the SEC v. Ripple ruling on the crypto industry. He asserts that this ruling will remain the law of the land for the next two to three years. This prediction indicates that the impact of this ruling will continue to shape the crypto market, particularly for Ripple and XRP.
Despite the SEC expressing disappointment and potentially considering an appeal, Deaton speculates that the judge would deny the SEC’s request for an appeal. This means that without an interlocutory appeal, Judge Torres’ decision will remain the law of the land for the next two to three years.
Looking ahead, the future of the Ripple network in the crypto space appears promising. The recent legal victory has not only boosted the trading volume of XRP but also bolstered the reputation of Ripple. As for XRP’s future trading price, it is expected to maintain a positive trajectory, backed by strong market sentiment and increased interest from investors.
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