By George Ward
The US-based blockchain firm Ripple is reportedly leading the Australian crypto exchanges amid its long-standing legal tussle with the US Securities and Exchange Commission (SEC). Its cross-border payment services are in the spotlight as it controls a larger share of the Australian crypto market.
Top Of The Chart
Amid the ongoing legal battle with the SEC in its native America, Ripple Labs faces challenges regarding its market prospect in the United States. However, a recent performance review of crypto exchanges in Australia shows that the company is gaining firm ground in the market.
The latest Financial Review report shows that Ripple dominates the Australian crypto space and has emerged as the largest crypto exchange in terms of trading volume. Meanwhile, the current spike is due to Australia’s increased adoption of cryptocurrency payments for cross-border transactions.
According to reports, Ripple’s native token, XRP, accounted for 82% of Australia’s total cash volume on the Independent Reserve exchange. On the other hand, Melbourne-based BTC Markets showed that XRP made up 62% of its trading cash volume.
Per the Independent Reserve report, the total transaction volume for Ripple amounted to roughly $10.2 million over the previous 24 hours.
XRP’s Price Sees Significant Spike
The XRP token has continued defying the pessimistic scenario surrounding it back in the US by surging above the expected price mark. Its price has spiked by 15% in the last 30 days.
The long-drawn XRP-SEC lawsuit has attracted keen interest from the crypto community, with several firms and individuals anticipating a positive end to the legal tussle. The case is expected to pave the way for clear regulations in the digital asset ecosystem.
As per CNBC, Ripple’s CEO, Brad Garlinghouse, revealed that he is optimistic that a positive resolution will be reached before the end of the first quarter of 2023. In an interview with CNBC, Garlinghouse stated that judgment might take a long, but the end of the case is fast approaching.
Speaking at the ongoing World Economic Forum (WEF) in Davos, the CEO, also a defendant in the case, noted that the firm is confident that the issue will be resolved before June this year.
Since 2020, Ripple has found itself in a tough legal battle with the SEC after the commission initiated a lawsuit against the crypto giant over allegations of selling unregistered tokens to investors. SEC alleges that XRP, created in 2012, was not registered by Ripple Labs, its parent company, before its first initial public offering (IPO).
However, Ripple has insisted that its native token is not an investment tool as it facilitates cross-border business transactions. At the time of writing, the token trades at $0.39, down 2.6% in the past 24 hours.