Demand for XRP on Crypto Exchanges Rebounds to Pre-Lawsuit Levels: Kaiko Analytics

Demand for XRP on cryptocurrency exchanges has experienced a resurgence and returned to levels seen before the legal battle with the US Securities and Exchange Commission (SEC), according to analysis by Kaiko Analytics. The court ruling, which declared that XRP sold on exchanges does not constitute a security, has propelled the demand for XRP on US platforms. The inability of major exchanges to facilitate XRP trading during the lawsuit has led to pent-up interest among traders, which has since been released after the ruling. However, the ongoing legal dispute with the SEC continues to contribute to XRP’s volatility. Interestingly, XRP’s price gains for July surpassed those of Bitcoin, exhibiting a 35% increase compared to Bitcoin’s 9% gain. Despite this positive development, XRP, like other cryptocurrencies, has faced a recent decline, with a drop of 18% in the last week. Bitcoin, too, has fallen by 19% during the same timeframe. At present, XRP is valued at $0.490, while Bitcoin stands at $54,688.