XRP Records 10% Weekly Dip Amidst Gemini Relisting Buzz
In July, XRP made headlines attention when the Securities and Exchange Commission [SEC] was unsuccessful in classifying the asset as a security. During this period, the altcoin experienced a significant increase, propelling its value from a low of $0.4702 to a peak of $0.8434. Nonetheless, the bullish trend triggered by the SEC’s actions lost momentum, resulting in XRP witnessing a 10% decrease in value over the course of a week.
In the aftermath of the SEC’s legal action against Ripple, numerous exchanges took steps to remove XRP from their platforms, including Gemini. However, as time progressed, a considerable number of these exchanges opted to reintroduce XRP for trading. Following Coinbase’s lead, Kraken, Crypto.com, Bitstamp, and Binance.US also reestablished support for XRP.
Gemini was among the platforms that removed XRP from their offerings, although it has not yet reinstated the altcoin. Recently, the exchange hinted at relisting XRP, raising anticipation within the crypto community.
Despite this development, the asset’s price remained unaffected. At press time, XRP was trading at a price of $0.6224, showing a 10% decrease in value over the week, but a slight 0.74% increase on a daily basis. Despite expectations surrounding the asset’s official relisting, the network activity of the crypto has remained lull.
Also Read: Ripple CEO Condemns SEC’s Legal Tactics Involving XRP Report
XRP’s stagnant network activity
After the court ruling, XRP experienced a significant increase in its seven-day trading volume. The asset’s market reached $3.9 billion according to Coingecko. This marked a nearly eightfold surge compared to the previous week. However, subsequent to that, the trading volumes have been consistently decreasing. The trading volume dropped to $1.1 billion in the most recent week. The derivatives market also reflects a similar pattern.
As indicated in the above chart, the XRP open interest volume for futures currently stands at $809.64 million. Following the court’s verdict, these futures contracts witnessed a significant upsurge, reaching a peak of $1.19 billion on July 20, which marked the highest point in the past two years.
Also Read: XRP to Reach $500 in 7 Months: Wells Fargo Treasury Manager
Additionally, the stagnancy in the asset’s current price and activity could also be related to the overall sentiment of the market.
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