XRP Hits $600 Million Trading Volume Amid Potential Upward Movement

XRP (Ripple) has recently experienced a potential upward movement with a trading volume of $600 million. This surge can be attributed to recent developments in the XRP ecosystem as well as the broader cryptocurrency market.

Ripple has proposed a new upgrade to create links to other ecosystems through “Cross-Chain Bridges,” which could solidify the token’s fundamentals and prepare it for the next crypto boom. This concept involves building bridges towards other ecosystems, allowing for tasks to be distributed and monetary exchanges to take place between ecosystems without detours.

Despite the proposed development, Ripple is currently facing a legal case with the US Securities and Exchange Commission (SEC). The SEC has filed a complaint against Ripple Labs, claiming that XRP is a security and that Ripple offered it to investors without legal registration. The outcome of the legal case remains uncertain.

However, on February 23, John Deaton, a popular cryptocurrency advocate and lawyer, proposed a scenario that could expedite a settlement if needed. Deaton tweeted that he believes Ripple’s attorney will strongly advise a settlement if the SEC accepts in writing that all current and future XRP transactions are not securities.

Deaton expressed confidence that Ripple would emerge victorious and that the Supreme Court would not uphold the SEC’s overreach.

Many analysts believe that if Ripple can settle its case intelligently, it could greatly benefit XRP’s price movement and overall adoption.

It is noteworthy that Ripple created its own standard for NFTs six months ago, underscoring its efforts to promote new use cases in the ecosystem.