In a notable increase, derivatives trading volume on the popular cryptocurrency glass coin.
In a notable increase, derivatives trading volume on the popular cryptocurrency glass coin.
This increase in activity is underlined by the notable rally in monetary terms, with derivatives turnover, primarily open futures, on XRP skyrocketing to $831.89 million. At the same time, the cryptocurrency spot market witnessed a solid 130% increase in trading volume, totaling an impressive $878.89 million.
This notable increase catapults the total turnover of XRP on centralized platforms to a substantial $1.7 billion in a single day. With XRP’s capitalization at $28 billion, the cryptocurrency’s trading volume is estimated to represent approximately 6% of its capitalization, meaning notable, but not excessive, trading activity.
Wave against SEC
Of particular importance is the timing of this surge in XRP trading activity, which occurred on May 13, a crucial date in the ongoing legal battle between Ripple and the SEC.
Today, the parties involved in the case have filed general letter-motions, seeking to seal all materials related to the reparations-related briefing, including writings, depositions and supporting evidence. In addition, the parties and third parties involved have submitted proposals for drafting said materials.
This legal showdown arises from the SEC’s pursuit of Ripple, with the regulatory body seeking substantial penalties totaling $1.95 billion for alleged violations related to the sale of unregistered securities to institutions.
