Trading with XRP surged in the past 24 hours, driven by a euphoric price rally and major exchanges that embraced trading of the token, following a partially favorable court decision.
The trading volume of XRP pairs on centralized exchanges skyrocketed by 1351% on Thursday, compared to the previous day, according to Josh de Vos, research lead of crypto analytics firm CCData.
XRP’s price also soared by almost 100% on Thursday, reaching a recent trading price of 73 cents, a 51% increase from one week ago.
Over the last 24 hours, the token’s trading volume reached around $12 billion, in contrast to volumes below $1 billion earlier this month, as reported by CoinGecko.
The trading frenzy occurred as Coinbase, Kraken, and other exchanges relisted or announced plans to reopen trading with XRP after a court ruling in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs.
Read more: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP
The judge ruled that the sale of XRP tokens on exchanges and through algorithms did not constitute investment contracts, providing trading venues the confidence to allow users to trade the token without regulatory risks.
“The role of Coinbase in distributing the XRP coin is secondary, and with the clarity from the ruling, all fears of regulatory reprisals have now been relieved,” said Greg Waisman, co-founder and COO of global payments platform Mercuryo.
Kraken and Bitstamp quickly relisted XRP after the ruling, while Coinbase and Gemini announced plans to reintroduce trading with the token. Binance.US also embraced XRP trading on Friday.
South Korean exchange UpBit, a popular venue for XRP traders, recorded $2.5 billion of trading volume with the token.
