According to digital asset research firm Kaiko, data from crypto exchanges suggests that large traders in the US drove buying demand of XRP after Ripple won a partial court victory over the SEC in July. Kaiko found that Upbit and OKX witnessed the strongest selling pressure for XRP in August, while Coinbase saw stronger levels of buying.

XRP's average trade size increased on Coinbase, indicating that buying demand was driven by large traders in the US as investors regained access to the token after the July court ruling. However, XRP's share of trade volume on US markets remains lower than on offshore exchanges.