Ripple’s XRP Surpasses Bitcoin in Trading Volume After a 60% Surge Over the Week

XRP, the native token of the XRP Ledger, has taken the cryptocurrency market by storm with a remarkable 60% price surge in just one week.

Notably, XRP’s trading volume has skyrocketed to an impressive 21% of the entire market, surpassing Bitcoin’s trading volume, which stands at 20%.

The surge came on the heels of a significant legal victory for Ripple, the major player in the XRP space, in its battle against the U.S. Securities and Exchange Commission (SEC).

The court ruling declared that XRP is not necessarily a security, igniting bullish sentiments among analysts and projecting potential growth for the cryptocurrency.

According to data from Kaiko, XRP’s trading volume has experienced an explosive surge following the recent federal court decision regarding its security status.

The judge’s ruling stated that while XRP may have exhibited security-like features when sold to institutional investors by Ripple, it was not considered a security when sold to the public through crypto exchanges.

The ruling has been hailed as a “huge win” for Ripple by its Chief Legal Officer, Stuart Alderoty. The distinction between sales to institutional investors and those on crypto exchanges played a pivotal role in the judge’s decision, bolstering XRP’s status as a non-security asset on exchanges.

With the positive court ruling, various crypto analysts have turned bullish on XRP’s prospects. Some have even projected XRP’s price to reach $6 in the near future.

Michaël van de Poppe, a prominent analyst, anticipates a potential temporary dip to around $0.65 for XRP before a potential bullish resurgence. According to his analysis, the post-dip rally could propel XRP’s value to as high as $0.90.