XRP expected to make a significant move in future
XRP, the fifth-largest cryptocurrency, appears to be staging a remarkable comeback, as suggested by recent metrics highlighted in a report by crypto research firm Kaiko. This resurgence comes in the wake of a crucial legal decision in the Ripple-SEC case, which has had a significant impact on XRP’s liquidity.
Kaiko’s latest analysis points out a noteworthy trend: XRP liquidity has experienced a substantial improvement following the July court ruling in favor of Ripple. Despite a decline in XRP’s price and trading volume, the market depth has risen from an average of $8 million in June to $12 million in early September.
$XRP liquidity has improved significantly after July’s court ruling in the Ripple/SEC case. Market depth rose from an average of $8mn in June to $12mn in early September, even as XRP’s price and volume has declined. pic.twitter.com/WtWqcVhKb5
— Kaiko (@KaikoData) September 18, 2023
The culmination of years of legal battles, the July ruling determined that Ripple did not violate federal securities laws when selling XRP on crypto exchanges.
This landmark decision had an immediate and profound effect, with XRP briefly surpassing both Bitcoin (BTC) and Ethereum (ETH) in trading volume. At its peak, XRP accounted for as much as 21% of the global cryptocurrency trade volume.
Liquidity plays a pivotal role in the cryptocurrency market, as noted by top crypto expert Benjamin Cowen. A sustained increase in liquidity could have a positive impact on XRP’s price, potentially driving it higher.
Read More: XRP loses $1 billion in market cap in a week
As of the time of writing, XRP was showing a 3% increase in the last 24 hours, trading at $0.509. Although XRP has been range-bound in recent weeks, it’s important to recognize that periods of consolidation are temporary, and XRP is expected to make a significant move in the near future, either upward or downward.
September has seen its share of developments in the crypto sector, including brief rallies and isolated pushes in various cryptocurrencies. However, the market movement has remained relatively muted in the grand scheme of things.
In a separate development in the crypto world, the SEC faced a setback in its case against crypto-trading platform Binance. The agency failed to persuade a federal magistrate judge to grant immediate access to investigate Binance.US’s software. This development underscores the complex and evolving regulatory landscape surrounding cryptocurrencies.
