According to the most recent study by cryptocurrency research company Kaiko, XRP, the fifth largest cryptocurrency, appears to be headed for a significant recovery based on this statistic.
In a recent tweet, Kaiko highlights how much better XRP liquidity has become after the court’s judgement in the Ripple-SEC dispute in July. It also notes that despite XRP’s declining price and volume, market depth increased from an average of $8 million in June to $12 million in early September.
https://x.com/KaikoData/status/1703819178619154619?s=20
After years of legal fighting with the SEC, Ripple got a ruling in July stating that trading its XRP on cryptocurrency exchanges did not violate federal securities law.
After the landmark decision, there was a significant response: in the days that followed the decision, XRP’s volume exceeded that of BTC and ETH and reached up to 21% of all cryptocurrency transaction volume worldwide.
Benjamin Cowen, a leading authority on cryptocurrencies, emphasises that liquidity has a significant influence on the markets and is the main factor driving the market.
Therefore, if this trend of increasing liquidity continues, the effect might affect the price of XRP. At the time of writing, XRP has increased by 3% over the previous day to reach $0.509.
Recently, XRP has been trading in a range; the good news is that these phases of consolidation do not last indefinitely. Soon, XRP is anticipated to fluctuate, maybe higher or lower.
The cryptocurrency industry has had its moments so far in September. The story has instead been one of fleeting rallies, a few lone cryptocurrency surges, and minimal activity at night.
An intriguing event in the cryptocurrency sector occurred on Monday when the SEC was unable to convince a federal magistrate court to grant an urgent permit for its agents to examine Binance.A setback for the government in its lawsuit against the cryptocurrency trading platform stems from US’s software.
