penalties report Ripple’s market, XRP’s common day by day transaction volume (ADV) exploded in the second quarter, doubling from $ 2.26 billion in the first quarter to $ 4.49 billion. whereas the token has seen 4 days of the highest volume ever recorded.

XRP is presently the fifth cryptocurrency by day by day trading volume, after Tether (USDT), Bitcoin (BTC), Ethereum (ETH) and Binance USD (BUSD), a stablecoin issued by Paxos in collaboration with Binance.

XRP strengthens its place

While XRP’s upgraded ADV from XRP in the second quarter might replicate common market sentiment, the whole crypto market has been on a bitcoin-led bull run throughout this era, hitting all-time highs (ATH) of $ 65,028 in mid-April, however Ripple has made regular strides in increasing that Benefit created from XRP.

XRP price and trading volume chart | Source: Ripple

Currently ranked the sixth cryptocurrency by market capitalization, XRP made a particular impression in the Southeast Asian market after Ripple partnered with corporations like Novatti and Tranglo to create favorable circumstances for cross-border funds and transfers.

Most lately, the XRP price rose 19% after SBI subsidiaries (SBI Remit and SBI VC Trade) launched a brand new ODL hall from Japan to the Philippines working on RippleInternet. This is the firm’s first ODL service in Japan as a part of its Asia Pacific (APAC) growth technique.

XRP price chart | Source: Tradingview

Despite the problem of authorized issues

“In the United States, many point to the need for consumer protection and regulatory clarity to promote healthy markets, but regulators have not yet issued clear guidance to market participants as cryptocurrencies’ popularity grows,” Ripple’s market report for the second quarter the regulatory necessities in opposition to dilemma.

The lawsuit filed by the SEC final December in opposition to Ripple is pending alleging that the sale of over $ 1.38 billion in XRP was an unregistered safety providing.

Citing its truthful notification safety technique, Ripple claims that the SEC’s steps didn’t adequately inform market members about the remedy of XRP as a safety in the face of the lack of clear regulation in the Asian market, notably Japan.

Earlier this month, Ripple introduced an funding in the non-fungible token market (NFT) Mintable.

As the NFT market and producer economies develop, many attendees are frozen as a result of the excessive fuel charges required to create NFTs. @mintable_app removes these limitations to entry with a shared imaginative and prescient for low-cost, sustainable NFTs on XRPL. 1/2 https://t.co/7DgYMRKXlo

– Monica Long (@MonicaLongSF) July 1, 2021

“As the creative industries and the NFT market grow, many participants face obstacles in creating NFTs due to high gas charges. Mintable removes these barriers to entry with a shared vision of sustainable, low-cost NFTs on XRPL. “

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