The trading volume of XRP pairs on centralized exchanges grew by a staggering 1351% on Thursday compared to the previous day, said Josh de Vos, research lead of crypto analytics firm CCData. This surge came after XRP’s price skyrocketed by nearly 100% and major crypto exchanges re-listed or announced plans to reopen trading with the token. On a running basis, the token’s trading volume totaled around $12 billion through the last 24 hours, compared to below-$1 billion 24-hour volumes earlier this month, according to CoinGecko.
The U.S. court’s ruling on Thursday in a lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs said that sale of XRP tokens on exchanges and through algorithms did not constitute investment contracts, which eased fears of regulatory reprisals. As a result, Coinbase, Kraken, Bitstamp, Gemini, Binance.US, and UpBit all opened trading with XRP.
The clarity from the ruling has allayed all fears of regulatory reprisals, said Greg Waisman, co-founder and COO of global payments platform Mercuryo.