Bullish news from Ripple: Regardless of the conflict with the SEC, trading of the company’s cryptocurrency XRP is flourishing.
Daily trading volume of XRP has doubled as of Q2 2021. The cryptocurrency from Ripple thus behaved like the whole of the crypto market. Any negative economic impact of the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) does not carry too much weight, according to the report.
The figures come from a quarterly report Ripple released via blog post on July 29. According to the report, daily XRP trading volume averaged $2.26 billion in the first quarter of the year. In the three months that followed, it rose to $4.492 billion. XRP sales made by Ripple also increased from US$150.3 million to US$157.9 million.
XRP performance correlated with bull market
It can be seen from the Ripple report that XRP’s positive performance should not be viewed in isolation from the overall trend in the crypto market. Both the cryptocurrency’s trading volume and price peaked in April, the same time as Bitcoin’s all-time high.
The writer:s of the blog post also go into detail about the volatility in the crypto market, which was again evident in the second quarter of the year. With price fluctuations continuing, they saw a variety of factors at work over the past few months. Named are ransomware attacks, regulatory concerns, and Elon Musk’s tweets. Another factor they identify as influencing market action is a rising fear of inflation, this is known to lead investors:inside to look for alternatives to fiat currencies.
XRP has also been more volatile than the leading currencies Bitcoin and Ether.
Ripple vs. SEC continues
All in all, the first half of the year seems to have been favorable for XRP and Ripple. If it weren’t for the ongoing conflict with the SEC, which is sure to put a damper on the joy of doubled trading volume.
As a reminder, the U.S. Securities and Exchange Commission maintains that XRP is not a mere token, but a security. The legal battle based on this argument began last December. Ripple is facing accusations of distributing securities without authorization for 7 years. The company is facing a fine of up to $1.3 billion.
Against this allegation, Ripple is arguing that the SEC failed to notify Ripple of the regulatory violation committed. In court, the XRP issuer recently scored a victory. Former SEC official William Hinman has been called to testify. Hinman is known for his assessment that cryptocurrencies are precisely not securities.
Meanwhile, the trial itself is still in a stage of preparation. Both parties are exchanging documents. In the blog post, Ripple promises to do everything it can to “move the case forward as expeditiously as possible”.ben.”