Ripple XRP Sees Massive Surge In Trading Volume Amid Ongoing Lawsuit
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XRP's Growing Trading Volume
In a tweet on Saturday, crypto analytics firm Santiment reported a rapid surge in trading volume of up to $18.7 billion in the XRP network. The firm believes this could further propel towards major price movements this weekend.
"XRPNetwork saw a major anomaly to end the week, with a rapid surge up to 18.7B in $XRP trading volume in the final hour of Friday (UTC time). This may be worth monitoring for some unordinary upcoming weekend price action," Santiment tweeted.
The reason for the sudden uptick could be attributed to the recent big wins in their case with the U.S. Securities and Exchange Commission (SEC).
On Tuesday, the Magistrate Judge in charge, Sarah Netburn, ruled in favor of Ripple, denying the SEC's claim of attorney-client privilege for documents regarding the controversial William Hinman speech. This has strengthened the belief in a positive outcome for Ripple in the 2-year-long legal battle.
Increased Adoption Of The XRP Network
Additionally, the network has also recently seen increased adoption of its network including the growth of NFT development on the network. For instance, CryptoBar P2P, a Tokyo-based social platform, has added XRP as a payment method. NFTMaster has also announced that it has launched an NFT marketplace on the XRP ledger.
Big brands are also taking up to launch their very first NFT collection on the XRP network. For instance, just a month ago, automobile manufacturer Lotus Cars announced plans to launch their very own NFT collection. Similarly, Italian motorcycle manufacturer Ducati announced this week to launch its first NFT collection in partnership with NFT PRO and Ripple.