- XRP trading volume rose 27% after US-China talks hinted at tariff relief.
- The broader crypto market regains momentum; Bitcoin jumps to over $107,000 and Ethereum climbs above $2,500.
XRP is showing signs of an imminent price rally as indicated by a positive on-chain metric. In the last 24 hours, the trading volume of XRP has increased by over 27%. This rally suggests increased market participation amid the commencement of US-China trade talks in London.
XRP Investors Demonstrate Confidence
At press time, the XRP daily trading volume climbed 27.01% to $2.58 billion. This spike indicates that XRP investors are increasingly accumulating the coin, expressing confidence in its future trajectory. earlier in the day the difference in 24hrs trading was 96%, almost double compared to previous 24hrs.
Despite the increased market activity, XRP has failed to climb above the $2.2 mark. The price of XRP is down slightly by 0.2% over the previous day. However, it is still up 4.7% over the past seven days.
This weekly price surge and the 27% rise in trading volume show XRP’s resilience despite ongoing legal challenges. As featured in our recent coverage, the long-standing Ripple vs. SEC case faces a possible delay.
XRP Attorney Bill Morgan has warned that the legal proceedings could stall for another 60 days. Morgan says this delay might happen if no new motion is filed before the June 16 deadline. June 16 is a reporting deadline, when both parties are expected to tell the court about their settlement plans.
US District Judge Analisa Torres rebuffed the joint settlement attempt between Ripple and the Securities and Exchange Commission (SEC). In a recent study we reported on, Judge Torres dismissed the filing on procedural grounds.
Meanwhile, Judge Torres ruled in June 2023 that XRP does not classify as a security when traded on exchanges. Critics, however, continued to question its legal status. Defending the coin, Morgan argued that XRP now enjoys stronger judicial clarity compared to Bitcoin (BTC), as we discussed earlier.
US-China Trade Talks Begin in London
While the XRP market paints an uncertain outlook, trade talks between the US and China have begun in London. According to a report from Bloomberg, the talks started at 1 PM local time today. If necessary, the meeting will last into the late evening or even Tuesday.
The ongoing meeting indicates the Trump administration’s willingness to remove restrictions on some tech exports. In exchange, the government expects assurances from China to ease limits on some earth shipments.
Some investors expressed hope that the talks signaled a cooling of trade tensions. Following the trade announcement, the crypto market and US stocks recorded small gains. Chinese shares were not left behind. Trading in Hong Kong entered a bull market.
The ongoing round of negotiations marks the first since the teams from the US and China met a month ago. At the time, Bitcoin rose to $104,100, while Ethereum (ETH) surged back above $2,500. As summarized in our earlier news story, US Treasury Secretary Scott Bessent said both parties had made substantial progress in determining the end of the trade war.
Recommended for you:
Credit: Source link
