XRP Dominates Social Trends as Trading Volume Crosses $1.7B … – The Crypto Basic

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. 

– Advertisement –

XRP Metrics Santiment
XRP Metrics | Santiment

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.

Ripple XRP Tops X Trends
Ripple | X

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.

XRP Volume CMC 123604
XRP Volume | CoinMarketCap

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.

Upbit XRP Volume 124359
XRP Volume on Upbit | CoinMarketCap

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.

Bithump XRP Volume 124405
XRP Volume on Bithumb | CoinMarketCap

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.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



This website uses cookies. By continuing to use this site, you accept our use of cookies.