XRP volume surges 50% as SEC and Ripple appeal drama unfolds

The popular cryptocurrency XRP is showing interesting dynamics in its trading activity today. According to data from CoinGlass, the trading volume of derivatives, namely perpetual futures on XRP, is growing by more than 50% today. At the same time, all other crypto assets are experiencing an opposite decline in trading volume, both on the spot and futures markets.

The indication of such an anomalous non-conformist movement of the seventh largest cryptocurrency could lie in the interesting situation of the SEC’s case against Ripple. The fact is that everyone expected that the regulator would file an appeal against the crypto company yesterday.

However, this did not happen and no one understood what would happen next. Everyone began to wonder whether the SEC would appeal the court’s decision in the regulator’s case against Ripple, including XRP.

Until the truth emerges from both sides, the cryptocurrency will see an increase in attention, including increased trading activity. XRP perpetual futures trading volume is now over $1.4 billion. As far as the spot market is concerned, the numbers are similar.

In addition to the obvious 50% increase in volume, the ratio of volume to market capitalization of the cryptocurrency also suggests increased trading activity. With a total value of almost $3 billion and a market capitalization of $31.3 billion, this ratio is around 9.6%. This is higher than usual and while not exceptional, it does indicate a significant increase in trading activity for XRP.

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As long as volatility creates opportunities for traders, we can expect XRP to continue to remain in the spotlight of crypto market participants.