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XRP Volume Outshines Bitcoin on Upbit Amid Price Breakout
The last 24 hours have been filled with positive sentiment for Ripple-associated crypto XRP. With a clear distinction, XRP has outperformed several cryptocurrencies, including Bitcoin, on South Korea’s top exchange Upbit.
XRP Metrics Look Good
Data from CoinGecko shows that the key XRP trading pair has outpaced Bitcoin, Shiba Inu, Ethereum, and other digital asset pairs on Upbit. In the last 24 hours, the XRP/KRW pair has registered a 22.16% increase in trading volume, with a trading volume of $405.7 million.
Meanwhile, BTC/KRW is only 14.26% up within the same period, with a trading volume of $261 million. SHIB/KRW has seen a 4.8% increase in trading volume, which is only about one-third of all that XRP has recorded.
The surge in the trading volume of other crypto pairs ranges from between 0.24% to 4.8%. Other XRP key metrics are equally looking good compared to its counterparts. At the time of this writing, XRP was trading at $0.5982, with a 2.18% increase in the last 24 hours. XRP traded on a higher level in the early hours of Wednesday, going up by 12% in 24 hours on top of a 40% increase in seven days. From its bottoming out level of $0.4 to the current level of $0.59, XRP is still registering a gain.
Speculations about Ripple vs SEC Settlement
Many believe that the biggest force behind the sole XRP rally is connected to recent developments in the Ripple vs. SEC lawsuit. There are serious speculations about a possible settlement between both entities.
So far, a series of alleged closed-door meetings between Ripple and the regulator has further ignited the settlement rumors. Today, July 17, about 195 million coins were reportedly transferred to and from exchanges, among which 150 million were moved from Ripple. This could be a potential push by Ripple trying to capitalize on the ongoing bull run that the talks about settlement have triggered.
Pro-Ripple lawyers Bill Morgan and Fred Rispoli expect a final XRP ruling in the remedies briefing by the end of July or early August.
Conclusion
In conclusion, the recent surge in XRP’s trading volume and price has sparked speculation about a possible settlement between Ripple and the SEC. While the exact timing and details of the settlement remain unclear, the market’s reaction to the rumors suggests that investors are optimistic about the potential outcome.
FAQs
Q: What is the current price of XRP?
A: At the time of this writing, XRP is trading at $0.5982.
Q: What is the trading volume of XRP on Upbit?
A: In the last 24 hours, the XRP/KRW pair has registered a 22.16% increase in trading volume, with a trading volume of $405.7 million.
Q: What is the significance of the Ripple vs. SEC lawsuit?
A: The lawsuit has been ongoing for several years and has had a significant impact on the price of XRP. A possible settlement could have a major impact on the cryptocurrency’s price and trading volume.
Q: Who are the lawyers representing Ripple in the lawsuit?
A: Bill Morgan and Fred Rispoli are the lawyers representing Ripple in the lawsuit.
Q: When is the expected deadline for the remedies briefing?
A: Pro-Ripple lawyers expect a final XRP ruling in the remedies briefing by the end of July or early August.
