XRP trade volume surges 90%, now it’s time for its trade price

XRP coin trade price is 46% down from July highs but still whales are bullish with this crypto coin for short as well as long term.

XRP is a popular Proof-of-stake (PoS) crypto coin that runs on the XRP Ledger (XRPL), a blockchain network developed by Ripple labs. People allege Ripple Labs controls the majority of the XRPL ledger network power via staking but Ripple Labs never admitted this fact & claims that XRPL was always decentralised.

The current trade price of the XRP coin is $0.5 & this trade price is 2.57% higher than the last 24 hours’ trade price, thanks to the sudden increment in the XRP coin liquidity.

It is worth it to note that the current trade price of XRP coin is nearly 50% down from its high prices, which hit in July following a partial but major victory against SEC’s arguments which clarified that XRP is non-security crypto token.

On 18 Sep, crypto analytic firm Kaiko reported that the liquidity of the XRP coin surged from $8 million to $12 million as of early September. 

$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

Just a few days ago, a crypto analyst shared his prediction and confirmed that their corresponding analysis expects XRP to hit $7 in the long term. According to him, the next challenge for XRP is to surpass the $0.8 trade price. 

#XRP Train Left the Station :

Check out this Monthly Time Frame chart! Monthly wicks give us insightful hints, but it's those rock-solid candle bodies that really define market structure.

Since June lows and #XRP has been chugging along the tracks, and guess what? The… pic.twitter.com/7wEa7DBmu3

— EGRAG CRYPTO (@egragcrypto) September 14, 2023

Ripple vs SEC

The legal battle between Ripple and the United States Securities and Exchange Commission started in December 2020. The US SEC alleged that Ripple violated securities laws, as the nature of the XRP coin was similar to security assets and Ripple sold huge amounts of XRP coin publicly, which was against securities laws. 

In July of this year, the court judge ruled that XRP was not security and with that court ruling the Ripple firm scored a regulatory win against SEC but the SEC body decided to appeal against the court ruling.

Read also: BinanceUS scores a small win as the court rejects SEC’s plea