Cryptocurrency traders significantly shifted their focus to the sixth largest digital asset, XRP, amid increased social engagement from the top officials. Dubbed the ‘Messari Pump’, XRP price jumped as high as $0.47 on Wednesday after adding over 20 percent during the day amid the optimism of traders in relation to the SEC lawsuit. According to market data from Binance-backed Coinmarketcap, the daily traded volume of the XRP market spiked by over 335 percent to about $4.8 billion on Wednesday.
However, the XRP market has since decreased its upward momentum today, dropping approximately 9.8 percent in the last 24 hours to trade around $0.42. Additionally, the total trading volume has declined by approximately 37 percent to stand at about $2,910,342,971 on Thursday.
Nonetheless, the XRP community was elated after the digital asset broke out of a multi-month falling trend that began in mid-April 2021.
Moreover, crypto trading volume is expected to increase in large-cap altcoins like XRP, Cardano (ADA), and Dogecoin (DOGE) after the Bitcoin market bagged its share of a breakout last week.
XRP Community Optimistic over SEC Lawsuit
The XRP community closely follows the Ripple news update to understand the market outlook. With the ongoing Ripple vs SEC lawsuit nearing the end, all eyes are on the upcoming summary judgment. Notably, Ripple lawyers working on the SEC lawsuit case noted that the federal district judge from Manhattan, Analisa Torres, could make a key ruling in the coming days on summary judgment, which could hand either Ripple or the SEC a victory. Additionally, the lawyers argued that the judge could also order the case to trial, which could delay regulatory clarity needed by the industry.
Moreover, the SEC plans to charge Coinbase Global Inc (NASDAQ: COIN) with unregistered securities on its listing and staking program. Notably, the SEC’s wells notice has not been welcomed by the XRP community despite the exchange delisting the digital asset from its trading platforms.
Even if dislike Coinbase as a business or you think Coinbase turned its back on #XRPHolders, if you believe in a fair free market and believe the @SECGov should protect investors, you have to be disgusted by the SEC conduct here. https://t.co/qA9HIny2Ws
— John E Deaton (@JohnEDeaton1) March 22, 2023
The Ripple team is optimistic about a massive triumph over the SEC, despite the regulator’s victory in the LBRY case. Monica Long, president of Ripple who leads the marketing team, told CNBC on Wednesday that she is “very hopeful” about achieving a positive resolution to the SEC case, with an outcome expected “sometime this year.” Notably, Long said it is very unlikely that Judge Torres will rule in favor of the SEC based on the present facts.
The XRP case has been described as a massive turning point for the cryptocurrency and blockchain industry in the United States. Moreover, if XRP is deemed unregistered securities, then almost all altcoins will be classified in a similar manner.
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