Trading volume for Ripple (XRP) on Bitmart, one of the largest cryptocurrency exchanges globally, has surpassed $600,000 just hours after it was reinstated.
Recent reports show that Bitmart reinstated XRP trading after delisting it in the summer of 2021 due to a legal dispute between Ripple and the US Securities and Exchange Commission (SEC).
However, despite XRP’s second appearance on the “old” exchange, trading has not yet resumed without limitations because US customers are unable to trade on Bitmart. the sixth-largest cryptocurrency by capitalization.
Such trade volumes on the sixth-largest cryptocurrency exchange immediately place the exchange in the top 20 of all centralized cryptocurrency platforms for XRP trading. There is only one trading pair, though, and it is against the USDT.
The majority of trading on centralized exchanges occurs off-chain in the form of order book recordings; hence, XRPL’s performance has not been much impacted by its listing on a large exchange or the increasing liquidity of XRP.
At the same time, the crucial 4.5 million account threshold has been passed by Ripple accounts on XRPL. What’s more, just 1,012 of them are empty, with the remaining ones containing varying amounts of XRP.
Nevertheless, data shows that activity on the XRP Ledger is only moderate, with the number of daily transactions remaining constant at 1.2 million but the number of newly activated accounts declining since mid-November.
Ripple vs. SEC Lawsuit to End in H1 2023
A number of significant cryptocurrency exchanges, including Coinbase, began to delist XRP in late December 2020. This was mostly because Ripple Labs, the company associated with XRP, had announced that the SEC would sue it for allegedly selling unregistered securities.
That said, Ripple will likely suffer more delistings if it happens to lose the lawsuit against the SEC. Reports show that the case is set to reach its highly anticipated resolution in the next few months.
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