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XRP, the seventh largest cryptocurrency by market capitalization, has seen an increase in trading volumes over the last 24 hours, skyrocketing by over 40%. 

According to CoinMarketCap data, XRP is registering $1.26 billion in trading volume, or 2.43 billion XRP, representing a current 42.29% increase in the last 24 hours.

The surge coincides with a fresh update in the Ripple-SEC lawsuit, currently in the appeals stage. In the past week, the SEC requested Jan. 15, 2025, as the deadline to file its principal brief in the ongoing appeals process. 

In a recent tweet, James K. Filan updated the XRP community on the SEC request, which has now been granted. 

In a tweet, Filan shared that the "Second Circuit Court of Appeals has entered an Order that the SEC brief must be filed on or before January 15, 2025."

This announcement, which sets the stage for the appeals process in the Ripple lawsuit, might have contributed to an increase in trading activity as market participants speculate on the potential outcomes and what comes next for the XRP price. 

Crypto market faces $293 million sell-off

The spike in XRP volume coincides with a huge market sell-off that saw Bitcoin fall below the $70,000 barrier. 

The cryptocurrency market is now trading lower, with the global crypto market capitalization down 3.12% to $2.35 trillion.

Notably, crypto futures have seen approximately $293 million in liquidations in the last 24 hours, with $249 million coming from long positions. More than $110 million in leveraged bets have been liquidated in the previous 12 hours alone.

At the time of writing, XRP was down 0.12% in the last 24 hours to $0.517. Following two days of falls, XRP rose from a low of $0.50 to $0.523 in today's trading session. 

XRP is currently meeting resistance at $0.53, indicating selling on rallies. If the XRP price falls and breaks below $0.50, it may indicate that the bears continue in power. In this situation, XRP might fall below the $0.46 to $0.41 support zone, where bulls are expected to enter.