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XRP has surged to prominence, dominating social media discussions and trading volumes across major exchanges following a significant victory in the Ripple vs. SEC lawsuit.
The crucial moment for XRP came as the U.S. Securities and Exchange Commission (SEC) faced a significant setback. Judge Torres recently denied the SEC’s motion to file an interlocutory appeal on the July 13 ruling, as reported by The Crypto Basic.
Santiment, a prominent crypto market intelligence provider, called attention to the impact of this verdict on the XRP market. According to Santiment, XRP witnessed an immediate and substantial 8% price surge following the ruling.
Santiment also shared revealing data through a chart, illustrating the rise of XRP’s social dominance. The chart depicts a surge to a 3-month high of 22.5% for XRP, driven by increased mentions within the broader crypto community.
This increase in social activity surrounding XRP was further evident on X (formerly Twitter), with the #Ripple hashtag at the top of the United States X trend table, boasting a staggering 301,000 posts.
XRP embarked on a price rally, retesting the $0.54 price point. Notably, the asset’s upward trajectory contrasted with a general market downturn. While other cryptocurrencies faced bearish trends, XRP stood out as a bullish exception.
Skyrocketing Trade Volume
In addition, data from CoinMarketCap reveals a significant surge in XRP’s 24-hour trade volume, which soared by 93% in one day, reaching $1.74 billion. This figure marks the highest trade volume for XRP since Aug. 17, underscoring the growing interest in the asset.
A remarkable observation is XRP’s dominance in the Korean markets. Upbit, Korea’s largest exchange, leads the charge, where XRP commands a 24-hour volume of $237 million, capturing a remarkable 18.5% of the market share.
To put this into perspective, Bitcoin, the second-largest cryptocurrency, only manages an $80.9 million volume, with a 6.30% share on the same exchange.
A similar pattern prevails in Bithumb, another of Korea’s prominent exchanges. On Bithumb, XRP accounts for 27.9% of the total volume, amassing $65.3 million, while Bitcoin trails with a trading volume of $27.4 million.
XRP’s Resilience
Meanwhile, despite facing resistance at the $0.5479 mark, XRP maintains its gains, registering a 4.99% increase over the past 24 hours and trading at $0.5349, according to CMC data.
Furthermore, due to the sudden price surge, XRP’s market capitalization recently surged to an impressive $28.4 billion, solidifying its position as the fifth-largest cryptocurrency by valuation.