Digital asset research firm Kaiko finds that data from crypto exchanges suggests large traders in the US drove buying demand of XRP<\/a> after Ripple won a partial court victory over the U.S. Securities and Exchange Commission (SEC) in July.<\/p>\n In a new analysis, Kaiko notes<\/a> that the Korean exchange Upbit and the Seychelles-based exchange OKX witnessed the strongest selling pressure for XRP in August.<\/p>\n Kaiko also finds that Coinbase, the top crypto exchange in the US, saw stronger levels of buying.<\/p>\n The crypto research firm also notes that XRP\u2019s average trade size increased on Coinbase, surpassing all top ten altcoins, excluding Ethereum (ETH<\/a>).<\/p>\n \u201cThis could suggest that buying demand was driven by large traders in the US as investors re-gained access to the token after the July court ruling. Overall, the share of XRP traded on US markets remains lower than on offshore exchanges. XRP is only the sixth-most-traded altcoin in the US by cumulative trade volume while it tops the list on offshore markets.\u201d<\/em><\/p>\n The SEC sued Ripple in late 2020, alleging the San Francisco payments company was selling XRP as an unregistered security.<\/p>\n In July, District Judge Analisa Torres ruled<\/a>\u00a0that Ripple\u2019s automated, open-market sales of XRP, referred to as programmatic sales, did not constitute security offerings, contrary to what the SEC alleged.<\/p>\n The judge did, however, side with the SEC\u2019s claim that Ripple\u2019s sale of XRP directly to institutional buyers constituted a securities offering.<\/p>\n XRP shot up from trading around $0.47 prior to the ruling to a high of around $0.82 later in July. The 5th-ranked crypto asset market cap has since lost most of those gains and is trading around $0.504 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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