XRP Trading Volume Skyrockets Following SEC Appeal Developments

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XRP, the seventh largest cryptocurrency by market cap, has experienced a significant surge in trading volume over the past 24 hours. The volume soared by over 40%, reaching approximately $1.26 billion, equivalent to 2.43 billion XRP. This marks a substantial 42.29% increase within the last day.

Ripple-SEC Lawsuit Update

The surge in XRP’s trading activity aligns with a recent development in the ongoing Ripple-SEC lawsuit, now at the appeals stage. Last week, the SEC requested an extension, seeking a deadline of January 15, 2025, to file its principal brief in the appeals process.

James K. Filan, a notable figure in the XRP community, shared an update regarding the SEC’s request on Twitter. He confirmed that the Second Circuit Court of Appeals granted the request, mandating that the SEC brief must be submitted by the specified date. This announcement has likely sparked increased trading as investors speculate about potential outcomes and their effects on XRP’s price.

Market Impact and Liquidations

The rise in XRP volume coincided with a broader market sell-off, with Bitcoin dropping below the $70,000 mark. Currently, the cryptocurrency market is trading lower, with the global market cap decreasing by 3.12% to $2.35 trillion.

Additionally, the crypto futures market faced significant liquidations, totaling around $293 million within the last 24 hours. Of this, $249 million originated from long positions. Over the last 12 hours, traders liquidated more than $110 million in leveraged bets.

_{Source: CoinMarketCap}

As of now, XRP has seen a minor decline of 0.12% in the last day, trading at $0.517. After two consecutive days of losses, XRP rebounded from a low of $0.50, rising to $0.523 during today’s session. However, XRP encounters resistance at the $0.53 level, suggesting increased selling pressure during rallies.

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If XRP’s price dips below $0.50, it may signal that bearish momentum continues to dominate. In such a scenario, XRP could fall through the support zone of $0.46 to $0.41, where buying interest from bulls may emerge. Traders are keenly observing these levels as they navigate the current market dynamics.