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XRP is among the few crypto-assets that have surpassed Bitcoin during the recent market-wide surge. Traders are optimistic about a possible win for Ripple in its prolonged legal dispute with the US Securities and Exchange Commission (SEC), with a decision anticipated in April.
In just the past fortnight, XRP has risen by 40%.
XRP’s Retail-Driven Surge
As per the latest analysis from Kaiko, XRP trading has been predominantly focused on South Korean exchanges, with trading volumes on Upbit and Bithumb occasionally exceeding those of Bitcoin and Ethereum.
Last week, trading volumes exceeded $2 billion, marking the highest level since September 2022. Further analysis by Kaiko revealed that XRP perpetual futures open interest increased to $471 million, up from $230 million. Additionally, funding rates turned positive, indicating that traders were primarily adopting long positions.
The report from the Paris-based crypto data firm also highlighted that the sell-side imbalance in market orders exceeding 200k XRP tokens suggested that large holders have been selling into the price increase. With these large holders taking profits, the recent XRP rally seems to be driven by retail investors.
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“Examining buy and sell transactions on the two largest Korean exchanges, Upbit and Bithumb, market sell orders significantly outnumber market buys for orders over 200k XRP (~$95k). In contrast, the buy/sell ratio was considerably more balanced for smaller orders.”
Ripple Vs. SEC
The ongoing case between Ripple and the SEC has been marked by numerous developments. The assertion that Ripple influences XRP’s price has been challenged not only in court but also on social media platforms. Crypto attorney Bill Morgan recently noted that while the securities regulator asserted in its summary judgment motion that Ripple took various actions to bolster XRP’s price, it did not successfully demonstrate that these actions were effective.
This crypto-asset has experienced consistent price growth this year amid rising optimism regarding a potential SEC defeat. Furthermore, XRP gained significant momentum during the latter part of March.
In another related update, Ripple has formed a partnership with the Central Bank of Montenegro (CBCG) to devise a strategy for launching the country’s CBDC.
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