In a notable surge, the trading volume of derivatives on the popular cryptocurrency XRP has soared by a staggering 194% within the last 24 hours, according to data from CoinGlass.

This surge in activity is underscored by the remarkable uptick in monetary terms, with the turnover of derivatives, primarily open-ended futures, on XRP spiking to $831.89 million. Simultaneously, the spot market for the cryptocurrency witnessed a robust 130% increase in trading volume, totaling an impressive $878.89 million.

This remarkable surge catapults the total turnover of XRP on centralized platforms to a substantial $1.7 billion within a single day. With XRP's capitalization standing at $28 billion, the trading volume of the cryptocurrency is estimated to represent approximately 6% of its capitalization, signifying notable but not excessive trading activity.

Ripple v. SEC

Of particular significance is the timing of this surge in XRP trading activity, occurring on May 13, a pivotal date in the ongoing legal battle between Ripple and the SEC. 

Today, the involved parties in the case have filed omnibus letter-motions, seeking to seal all materials related to the remedies-related briefing, including briefs, declarations and supporting exhibits. Additionally, proposed redactions to such materials have been submitted by the parties and any third parties involved.

This legal showdown stems from the SEC's pursuit of Ripple, with the regulatory body seeking substantial penalties totaling $1.95 billion for alleged breaches related to the sale of unregistered securities to institutions.

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