As the awaited verdict on Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) approaches, XRP, has experienced a surge in investor attention.
Recent months have seen notable developments in the legal battle, and now market participants eagerly anticipate the judge’s ruling, which could have far-reaching implications for the digital asset and its community.
Notably, XRP was the third most-traded cryptocurrency in terms of trading volume and market depth in Q2 2023, trailing behind Bitcoin (BTC) and Ethereum (ETH). The move comes as investors take positions to prepare themselves for the court ruling, digital asset market data provider Kaiko said in a new blog post on June 29.
“XRP ranks third in volumes, up two places from last quarter as investors start to position themselves for the ruling in the SEC v Ripple case that is expected imminently. The token also saw a surge in volume on Korean exchanges.”
– Kaiko wrote in the blog post.
XRP also had the third-best liquidity score – a metric used by Kaiko which combines two key liquidity metrics, volume, and market depth.
“The smaller the contribution of a metric towards its score the better its liquidity.”
– the market data provider explained.
Active XRP addresses on the rise
In line with its trading volume growth, XRP also witnessed a notable increase in the number of active XRP addresses in recent days, according to Santiment data.
In the previous three instances, the surge in network activity led to a significant increase in XRP’s price, suggesting that the crypto token may be set for a new bull run.
XRP price analysis
At the time of writing, XRP was changing hands at $0.48, up more than 2% on the day. In the past week, the cryptocurrency fell by more than 3.3%, and around 5% in the month.
Year-to-date, XRP’s price remains in the green, up around 39%.
Furthermore, crypto whales, investors who hold vast amounts of a specific crypto asset, have taken advantage of XRP’s recent price dip, buying 360 million tokens for around $170 million in the period from June 22 to June 28, Finbold reported on June 29.
The fact that whales chose to buy a significant amount of XRP during a price dip suggests they have confidence in the future potential of the cryptocurrency. It also suggests that these large investors believe the price decline is temporary and that XRP has the potential for future growth.
Whales’ buying activity can provide support to the price of XRP as large-scale purchases can create a floor or limit the extent of the price decline. This support might contribute to stabilizing the market and preventing further significant drops in XRP’s value.
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