- XRP’s recent declaration as not a “Security” by a U.S. court has led to a significant price boost and may be just the beginning of a tremendous surge.
- US Senator Cynthia Lummis emphasizes the need for a clear crypto framework in light of XRP’s recent court ruling.
The recent court ruling pronouncing Ripple’s XRP as not a “Security” has given the digital asset a considerable leg up, leading to a whopping 70% price surge. Yet, industry data implies that this might just be the prelude to an even more substantial value upswing.
Unpacking XRP’s Trading Volume Surge
A notable revelation came from cryptocurrency data curator, Leonidas, who disclosed that XRP’s trading volume spiked to a robust $10.4 billion following the summary judgment in Ripple’s case on July 13, 2023. While this seems like a considerable figure, historical data suggest that this ranks only as the 76th highest daily trading volume ever recorded for XRP on CoinMarketCap.
In fact, XRP’s highest trading volume to date is close to $36 billion, registered on April 6, 2021. During this period, XRP was accessible on virtually all U.S. cryptocurrency exchanges, leading to the token price spiking to $1.11 before settling at around $1.09.
The Rebirth of XRP’s Reputation and Its Price Implications
The reputational damage XRP endured due to the SEC’s accusations against Ripple led to its delisting from major crypto exchanges, including Coinbase, the largest U.S. exchange. However, with the court’s decision cementing XRP’s legal status, the token’s price has witnessed an impressive surge.
This verdict prompted many major crypto exchanges to announce XRP’s listing or relisting, indicating the token’s comeback. These upcoming developments are anticipated to catapult the token’s price even further.
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A Legislative Call to Action
Parallel to these developments, U.S. Senator Cynthia Lummis is urging Congress to establish a definitive cryptocurrency framework. Following the Ripple-associated XRP’s exoneration as a security, Senator Lummis stressed the need for a comprehensive crypto policy prioritizing consumer protection.
With the unfolding Ripple Labs vs. SEC legal battle poised to affect the broader crypto industry, it becomes more urgent than ever for Congress to deliver clarity in crypto regulations. Without these guidelines, blockchain innovation could be hindered, stunting economic growth in this emerging field.
Only time will reveal how Congress responds to Senator Lummis’ plea. Nevertheless, her efforts underline an increasing understanding among lawmakers about the need for a progressive regulatory approach to fully harness the potential of the crypto market.
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