In what has been hailed as the ‘Messari Pump’ by the XRP community, the attention of cryptocurrency traders has significantly shifted from Bitcoin to the sixth-largest digital asset by market capitalisation.
According to the latest crypto market data, XRP traded around $0.46 on Wednesday, up approximately 20 per cent in the last 24 hours. However, the most intriguing aspect was the sharp uptick in daily traded volume.
According to market data provided by Binance-backed Coinmarketcap, the XRP’s 24-hour traded volume spiked about 335 per cent to stand around $4,810,022,107 on Wednesday. Having suddenly broken out of a multi-month consolidation, over $16.8 million was liquidated in the XRP derivatives market in the past 24 hours.
Reportedly, lawyers working on the Ripple Vs SEC case noted that the federal district judge from Manhattan, Analisa Torres, could make a key ruling possibly in the coming days on so-called summary judgment, which could hand either Ripple or the SEC a victory. The judge could also order the case to trial, delaying the industry’s much-needed regulatory clarity for months, maybe even years.
Messari on Ripple and XRPL
Messari, a leading provider of crypto market intelligence products, applauded Ripple for developing the XRPL network despite the external regulatory pressures from the United States. Additionally, Messari commended Ripple for uplifting the traditional financial sector through blockchain technology with liquidity provision, among other functionalities.
“XRPL’s feature set includes its Issued Currencies (IOUs), creating functionality for multiple assets. Authorised Trust Lines, enabling issuers to choose which wallets can interact with their tokens. And a central limit order book, supporting low-liquidity IOUs,” Messari noted.
As such, Messari CEO Ryan Selkis highlighted that the United States government, through Congress, should enact crypto policies that enable blockchain development.