Crypto spot volumes increase post Ripple ruling

Markets • July 15, 2023, 6:39PM EDT
Published 1 minute earlier on
UPDATED: July 15, 2023, 8:02PM EDT
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Quick Take

  • The recent ruling regarding Ripple’s sales of XRP as not constituting the sale of securities has underpinned a surge in crypto trading volumes.

Crypto trading volumes across spot exchanges increased following a judge ruling that Ripple’s sales of XRP on public trading venues did not constitute the sale of securities.

Data from The Block's data dashboard shows the seven day moving average for spot trading volumes on exchanges increased from $12.74 billion on July 12 to $16.56 billion on July 14.

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While the future of the case — which could now go to trial or be appealed — is not clear, the market has rallied on the news with crypto equities like Coinbase and cryptocurrencies like XRP surging in the wake of the ruling from a judge in New York’s Southern District.


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About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].