According to U.Today, the trading volume of derivatives on the cryptocurrency XRP has seen a significant increase of 194% within the last 24 hours. This surge is highlighted by a substantial increase in monetary terms, with the turnover of derivatives, primarily open-ended futures, on XRP rising to $831.89 million. At the same time, the spot market for the cryptocurrency experienced a robust 130% increase in trading volume, reaching a total of $878.89 million.
This surge brings the total turnover of XRP on centralized platforms to a considerable $1.7 billion within a single day. With XRP's capitalization standing at $28 billion, the trading volume of the cryptocurrency is estimated to represent approximately 6% of its capitalization, indicating significant but not excessive trading activity.
The timing of this surge in XRP trading activity is noteworthy, occurring on May 13, a crucial date in the ongoing legal battle between Ripple and the SEC. On this day, the parties involved in the case filed omnibus letter-motions, seeking to seal all materials related to the remedies-related briefing, including briefs, declarations, and supporting exhibits. Proposed redactions to such materials have also been submitted by the parties and any third parties involved.
This legal battle originates from the SEC's pursuit of Ripple, with the regulatory body seeking substantial penalties totaling $1.95 billion for alleged breaches related to the sale of unregistered securities to institutions.