Ripple Ruling Australian Crypto Exchanges Despite SEC Lawsuit

Ripple, cross border payment service providing firm has been engaged in a legal tussle forced by the U.S. Securities and Exchange Commission (SEC) for a very long time. This has led to an unclear vision of the company and its native crypto in the nation. However, a review report has surfaced suggesting that Ripple is making strong ground in the Australian crypto market.

Ripple XRP emerges as the top choice

According to a report by Financial Review, Ripple is dominating trading volumes at some of Australia’s biggest digital exchanges. The current surge is a result of international payments are getting handy as the primary use case in the nation.

As per the data, Ripple’s XRP accounted for 82% of all cash volume on Independent Reserved exchange. However, Melbourne based BTC Markets showed that XRP amounted to 62% of trading cash volume. It mentioned that Ripple volumes stand under 1% compared largest exchanges like Coinbase and Binance.

It added that Ripple transactions were calculated for around $10.2 million just on Independent Reserve in the period of 24 hours. This has amounted to more than all other digital assets merged over the same period.

XRP on a surge

On the market side, XRP has managed to surge despite facing a lawsuit from the US SEC. XRP price has surged by 15% over the past 30 days. It is trading at an average price of $0.39, at the press time. However, its 24 hour trading volume has jumped by 3% to stand at $1.06 billion.

The long running XRP lawsuit has become a hope for many crypto firms and enthusiasts for obtaining clear regulations over the digital asset market. Reports suggest that a summary judgment in the crucial lawsuit is expected to land in the first half of 2023.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.