More than 2 million XRP traded every minute, on its way to become second only to Bitcoin?

On-chain data on 19th July shows That around 2 million XRP, the native currency of the XRP Ledger, was changing hands every minute on top cryptocurrency exchanges including KuCoin and Poloniex. In a screen grab shared on Twitter, on-chain data shows that more XRP was being traded in bulk, increasing trading volume across the board.

With the extension, prices remain elevated as of writing on 20 July. The coin is up 72% from its July 2023 low, even as trading volumes on major exchanges including Binance have dropped slightly. Nonetheless, a resurgence in trading volume this week suggests that demand for the coin remains relatively high.

XRP and its spectacular rally

The token saw an increase in value after a recent court ruling that said the SEC could not provide evidence that it was a security. Per the Howe test, the judge concluded that XRP did not meet the legal definition of a security.

Three years ago, in December 2020, the regulator filed a lawsuit alleging that blockchain company Ripple and some of its executives, including Brad Garlinghouse, raised over $1 billion through the alleged illegal sale of XRP, an asset they claimed was an unregistered security. Ripple denied the allegations and fought the lawsuit, spending millions of dollars in legal costs, and eventually won.

Coinbase, Bitstamp, Crypto Exchange Relisted

The rally was also fueled by the news that Coinbase Global, Kraken, and other top-tier cryptocurrency exchanges have re-listed the token. Notably, Coinbase delisted XRP in December 2020 following an SEC lawsuit, triggering a wave of delistings among cryptocurrency exchanges in the United States.

The re-listing of XRP on major exchanges could be a sign of confidence. This is likely to increase the coin’s liquidity, which will in turn increase trading volumes in the coming months. The listing to supporters appears to be a refreshing development, especially for those customers in the United States who were left out of the business.

some predictions maintain The token rally will likely continue in H2 2023. Judge Analisa Torres’ decision in favor of Ripple Labs removed the uncertainty surrounding the coin’s status. The decision could also open more doors for institutional adoption.

Furthermore, the rally and regulatory clarity have strengthened the position of the coin in the cryptocurrency market. This development could reduce its gap with Ethereum (ETH), perhaps even making it the second largest coin after Bitcoin. Over the past three years before the court’s decision, the token shrugged off weakness and retained its position among the top 10 cryptocurrencies by market capitalization amid the harsh and extended crypto winter of 2022.

Feature image from Canva, chart from TradingView