Digital payments firm Ripple Labs is reporting that XRP’s trading volume soared in the second financial quarter of 2021 as the crypto market met some turbulence.
In a new blog post, Ripple says that blockchain insights platform CryptoCompare TopTier (CCTT) found that the daily trading volume for XRP wildly increased between Q1 and Q2 of 2021.
“CCTT’s reported daily volume for XRP increased significantly in Q2 2021 from Q1 2021. The average daily volume reported doubled to $4.49B in Q2 vs. $2.26B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.”
XRP’s volatility in Q2 was also significant, particularly in comparison to the volatility rates of Bitcoin (BTC) and Ethereum (ETH), according to Ripple.
“XRP’s standard deviation of daily returns over Q2 was 11.5% and was more volatile than BTC (5.0%) and ETH (7.3%) due largely to XRP’s volatility in early April.”
Ripple also comments on the firm’s ongoing battle with the U.S. Securities and Exchange Commission (SEC), in which the SEC claims that Ripple sold unregistered securities in the form of XRP.
Ripple says that in the second quarter, the payments company set a couple of key milestones in its legal battle against the SEC.
“The Court agreed – for the third time – that Ripple is entitled to certain internal SEC documents.
The Court denied the SEC’s request that it be granted access to Ripple’s privileged communications with its attorneys. The Court found that the proper focus of Ripple’s ‘fair notice defense’ is on ‘the SEC’s failure to provide fair notice to the market about the Commission’s state of mind as to whether XRP qualified as a security.’”
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