Ripple’s Victory in Court Drives up Crypto Trading Volumes

Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: AdobeStock / photo_gonzo

Ripple‘s win against the US Securities and Exchange Commission has boosted crypto trading volumes across spot exchanges.

Spot trading volumes on crypto exchanges surged to $16.56 billion on Friday from Wednesday’s $12.74 billion, a growth of around 30% in just two days, according to The Block’s data dashboard.

Data from CoinMarketCap also shows a jump in trading volume over the past week, particularly on Friday, when almost all major centralized exchanges saw a sharp spike in volume. 

The spike was largely attributed to the excitement around XRP token after a US court ruled in favor of Ripple in the ongoing lawsuit brought by the SEC, claiming that selling XRP on exchanges in itself does not constitute an investment contract. 

The ruling, issued by the District Court for the Southern District of New York, stated that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.”

However, the federal judge also ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test.

Nevertheless, the verdict led to an initial surge in the price of XRP, which rallied over 70%. The sudden rush to buy XRP lead to a spike in volume that overwhelmed some crypto exchanges.

For one, Uphold, a US-based crypto exchange, experienced technical difficulties and temporarily went down due to the unprecedented volume surge. 

Uphold has been among the few crypto exchanges that had continued to offer sales of the cryptocurrency.

“Yes, we went down but no platform could cope with the 50x spike in volume we saw today,” Uphold said in a tweet addressing the situation.

Furthermore, other major crypto exchanges, including CoinbaseKrakenGeminiCrypto.com, and Bitstamp have announced plans to relist XRP.

How Ripple’s Win Against SEC Could Impact Other Altcoins?

Last month, the SEC sued both Binance, the world’s largest cryptocurrency exchange, and Coinbase, the largest US-based cryptocurrency exchange. 

In each case, the commission noted that several tokens listed by the exchanges are unregistered securities.

These include dozens of popular cryptocurrencies like Binance’s native token BNBSolana’s SOLCardano’s ADAPolygon’s MATIC, Filecoin’s FIL, Cosmos’ ATOM, Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS, and Coti’s COTI tokens.

Since the lawsuit, these tokens had been largely in a downtrend, with some crypto exchanges even deciding to delist these tokens.

However, Ripple’s win against the SEC had a positive impact on these altcoins as investors speculated whether the SEC would change its stance against these cryptocurrencies.

Solana, Cardano, and Stellar Lumens (XLM) rallied on the news, gaining around 20% on the day. 

More Articles

Altcoin News
Kanye West Says He Rejected $2 Million Offer to Promote Alleged Crypto Scam
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-08 09:46:28
Bitcoin News
Florida Senator Proposes State Investment in Bitcoin to Hedge Against Inflation
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-08 09:43:01
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors