In a significant surge, derivatives trading volume for XRP has skyrocketed by a remarkable 194% within the last 24 hours, as reported by CoinGlass data. This surge coincides with a pivotal date in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Trading Volume Surge
The trading volume surge is exemplified by a notable uptick in monetary terms, with turnover of XRP derivatives, predominantly open-ended futures, spiking to $831.89 million. Simultaneously, the spot market for XRP witnessed a robust 130% increase in trading volume, reaching an impressive $878.89 million.
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This surge boosts XRP’s total turnover on centralized platforms to $1.7 billion in a day. With XRP’s $28 billion capitalization, the trading volume comprises around 6%, signaling significant but not excessive activity.
Context Of Ripple v. SEC
The surge in XRP trading on May 13 is significant amidst Ripple’s legal battle with the SEC. On this day, both parties filed letter-motions aiming to seal all materials concerning the remedies-related briefing, such as briefs, declarations, and supporting exhibits. Additionally, proposed redactions to such materials have been submitted by the parties and any third parties involved.
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The legal showdown between Ripple and the SEC originates from the SEC’s pursuit of Ripple for alleged breaches related to the sale of unregistered securities to institutions. The regulatory body is seeking substantial penalties totaling $1.95 billion.
As the legal battle unfolds, the surge in XRP trading volume underscores the heightened interest and uncertainty surrounding the outcome of the Ripple v. SEC case, with market participants closely monitoring developments.
