Did the SEC's lawsuit have an impact on XRP's Q2 volumes

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Source: Unsplash

XRP ^[1] saw a major surge in its price action, thanks to a 6% hike in the past 24 hours. The sixth-largest token was trading ^[2] just shy of the $0.75 mark, at the time of writing. In spite of Ripple’s ongoing litigation ^[3] with the American regulatory watchdogs, SEC, the fintech firm has painted an impressive picture in the latest Q2 2021 Market report.

A surge in trading volume

According to the abovementioned report ^[4], the daily trading volume for XRP (Ripple’s native token) was high despite the ongoing legal suit involving Ripple and the SEC. As per the same, the daily trading volume during Q2 2021 doubled to $4.49 billion from $2.26 billion, recording a 98% surge.

Source: Ripple ^[5]

As is evident from the chart, XRP’s price climbed to a multi-year peak of $1.96, thus reflecting the general market sentiment. Within the same period, Bitcoin also claimed its all-time high price of $64,800 in mid-April.

However, this rally didn’t last for too long. XRP crashed by 30 percent from its local top within a week and later, succumbed to the broader crypto-market correction in mid-May.

Why did this happen?

According to the aforementioned report ^[6],

“There was no shortage of events that were reported to contribute to market volatility in Q2 — notably ransomware attacks, environmental

Did the SEC's lawsuit have an impact on XRP's Q2 volumes

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