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In an unprecedented turn of events, Ripple’s XRP, once referred to as “the sleeping giant”, has had a spectacular victory. XRP has overtaken Bitcoin in trading volume. With a 21% share of the market volume, XRP saw a price explosion of more than 60% in one week. But how did XRP do it?
Ripple Victory: How XRP succeeded Bitcoin in trading volume?
A key factor in this victory was Ripple’s recent legal victory at the US Securities and Exchange Commission. This victory led to the re-listing of XRP on major cryptocurrency exchanges, leading to an increase in demand and trading volume.
In addition, the recent rise in the price of XRP increased investor interest and further increased trading volume. Despite a 20% drop from its recent peak, market sentiment remains very upbeat.
The Legal Breakout: Has Ripple’s Win Changed the Game?
There is no doubt that Ripple’s recent legal victory at the US Securities and Exchange Commission changed the game and paved the way for XRP’s significant rise in trading volume. But how exactly did that win change the game?
The SEC sued Ripple Labs and two of its executives in December 2020, alleging that they sold unregistered securities by selling $1.3 billion in XRP. This prompted an immediate reaction in the market, with many cryptocurrency exchanges removing XRP from their platforms and the price of the cryptocurrency plummeted.
Ripple’s victory in this lawsuit was a turning point. The court’s decision that XRP should not be considered a security has opened the door for the resurgence of XRP in the market. Major cryptocurrency exchanges, including Coinbase, began listing XRP again. Demand and trade volume increased as a result.
Crypto Community Response: How Has the Market Responded to the Rise of XRP?
The recent rise of XRP has made waves in the crypto community. Reactions have been mixed but positive overall, with many investors seeing the rise of XRP as a sign of the strength and maturity of the cryptocurrency market. Many saw this as confirmation of their belief that XRP is a solid investment despite the legal challenges Ripple has faced. The increase in XRP trading volume indicates that many investors have taken the opportunity to increase their positions in XRP or open new positions.
— xrpnews.crypto® ⚡️🐺 (@xrp334) July 19, 2023
The rise of XRP was also welcomed by the broader crypto community. Despite the ongoing bear market being challenging for many, there are signs that interest in cryptocurrencies is not waning. In particular, the success of the presale coins shows that investors are willing to invest in new projects and see the potential of the cryptocurrency market, even in difficult times.
BTC20 On The Rise: Can Coin Presale Benefit From XRP Explosion?
While most of the eyes in the cryptocurrency sector are currently on XRP, there is another coin that is getting the attention of investors: BTC20. This coin is currently available for pre-sale and presents a unique opportunity for investors. So far, more than 400,000 of 3 million BTC20 have already been sold, and the price of one coin is around $1. The BTC20 is an ERC-20 token built on the Ethereum blockchain.
What makes BTC20 special is that it tries to replicate the state of the Bitcoin blockchain supply and tokens as it was in 2011. There were only 6.05 million BTC in circulation that year, and the price of bitcoin was around $1. BTC20 aims to replicate this early stage of Bitcoin by providing a total supply of 21 million tokens, with up to 6.05 million tokens being sold in a pre-sale at $1 each.
The question now is whether the token can take advantage of the current XRP explosion. It is well known that crypto markets are highly interconnected and price movements in one major cryptocurrency often affect other coins.
Last updated on July 20, 2023
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