XRP has experienced improved liquidity following a favorable court ruling in the Ripple-SEC case, with its market depth rising from $8 million in June to $12 million in September.
- XRP liquidity has significantly improved since a favorable court ruling in the Ripple-SEC case, as highlighted by crypto research firm Kaiko.
- A legal victory for Ripple has led to a surge in XRP trade volume, temporarily surpassing Bitcoin and Ethereum.
- Top crypto expert Benjamin Cowen underscores the critical role of liquidity in influencing market prices.
- XRP is currently trading at $0.509, up 3% in the last 24 hours.
XRP, the fifth largest cryptocurrency, seems to be on the path of a massive comeback judging by this metric, according to the latest analysis provided by crypto research firm Kaiko.
Kaiko, in a new tweet, draws attention to the fact that XRP liquidity has improved significantly after July’s court ruling in the Ripple-SEC case. It adds that market depth rose from an average of $8 million in June to $12 million in early September despite XRP’s price and volume falling.
$XRP liquidity has improved significantly after July’s court ruling in the Ripple/SEC case. Market depth rose from an average of $8mn in June to $12mn in early September, even as XRP's price and volume has declined. pic.twitter.com/WtWqcVhKb5
— Kaiko (@KaikoData) September 18, 2023
Legal Victory Boosts XRP Liquidity
After years of legal wrangling with the SEC, Ripple received a decision in July: the company did not violate federal securities law by selling its XRP on crypto exchanges. The reaction was profound after the landmark ruling: XRP surpassed BTC and ETH in volume and accounted for as much as 21% of global crypto trade volume in the days after the ruling.
The impact of liquidity on the markets is profound; top crypto expert Benjamin Cowen highlights this as the key thing that drives the market. Thus, if this trend of growing liquidity is sustained, the impact might reflect on XRP’s price. At the time of writing, XRP was up 3% in the last 24 hours to $0.509.
Expectations of XRP’s Next Move
XRP has been trading in a range in recent weeks; the good news is that periods of consolidation like this do not endure forever. XRP is expected to make a move soon, either upward or downward. So far in September, the crypto sector has had its moments. However, the tale has been one of brief rallies, a few isolated cryptocurrency pushes, and little movement at the end of the day.
SEC’s Setback in Binance.US Case
In an interesting development on the crypto market, the SEC failed to persuade a federal magistrate judge on Monday to immediately allow its officials to investigate Binance.US’s software, a setback for the agency in its case against the crypto-trading platform.
With increasing liquidity and a favorable court ruling, XRP shows signs of a potential comeback in the cryptocurrency market. Despite a decline in price and volume, the liquidity of XRP has significantly improved, according to a recent analysis by crypto research firm Kaiko. After years of legal battles, Ripple received a decision in July, determining that it did not breach federal securities law by selling XRP on crypto exchanges. This ruling had a profound impact, as XRP surpassed BTC and ETH in volume and accounted for 21% of global crypto trade volume shortly after.
The significance of liquidity in the market is underscored by top crypto expert Benjamin Cowen, who believes it is the driving factor behind market movements. If the current trend of growing liquidity continues, it could potentially influence the price of XRP. As of now, XRP has seen a 3% increase in the last 24 hours, reaching $0.509.
To Sum it All Up….
Although XRP has been trading within a range recently, periods of consolidation like this typically do not last indefinitely. It is anticipated that XRP will soon experience a notable movement, either upward or downward. September has been a mixed month for the crypto sector, with sporadic rallies and limited overall movement.
In a separate development, the SEC faced a setback in its case against crypto-trading platform Binance.US. The agency’s request to immediately investigate Binance.US’s software was rejected by a federal magistrate judge on Monday. This ruling represents a setback for the SEC, further highlighting the complexities of regulating the crypto market.