Crypto Spot Volumes Goes Parabolic Post Ripple Ruling

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Following the recent Ripple ruling, the trading volumes for cryptocurrencies on spot exchanges have experienced a significant increase. The ruling determined that the sales of XRP, a digital asset associated with the payment firm, being traded on secondary exchanges should not be classified as the sale of securities.

This decision made by the judge in New York’s Southern District has brought about a sense of clarity and relief within the crypto trading community. The designation of XRP sales as non-security transactions as positively impacted the overall trading volumes on various spot exchanges.

Impact of the Ruling on Sales of XRP

Data from The Block’s dashboard revealed that the seven-day moving average for spot trading volumes on exchanges increased from $12.74 billion on 12 July to $16.56 billion on July 14. 

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Undoubtedly, the ruling pertaining to Ripple’s sales of XRP has effectively eliminated the legal ambiguity that previously surrounded these transactions. Previously, market participants and investors were uncertain about the classification of XRP, which hindered trading activities and limited liquidity.

Crypto Exchanges Relist XRP for Trading

Several crypto exchange companies have announced that they will relist XRP for trading in the wake of a favorable court ruling from a US Federal Judge regarding the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC).

The decision made by these exchanges, Coinbase included, to reinstate XRP trading reflects a renewed sense of optimism and growing clarity surrounding the regulatory status of the popular digital asset. 

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Following Coinbase’s decision, other reputable exchanges followed suit. Crypto.com tweeted about the availability of XRP trading at true cost with various fiat currencies. Similarly, Kraken Pro, also took to Twitter, declaring that XRP is back in full trading mode on its platform.

Ripple vs SEC Two-Year Long Lawsuit

The U.S. regulator filed a lawsuit against the blockchain payment platform Ripple Labs in December 2020 for violating securities law. Ripple allegedly offered XRP for sale while the token was unregistered under the regulator and made a profit of around $1.5 billion from the sales.

For almost two and half years, this lawsuit has been ongoing and several pieces of information including the presentation of Hinman’s Speech, have surfaced to buttress Ripple’s stance that its native cryptocurrency is not a security.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐