Demand for XRP is bouncing back on digital asset exchanges, according to crypto analytics firm Kaiko.

After a long, drawn-out lawsuit with the U.S. Securities and Exchange Commission (SEC) that ultimately ended in the ruling that XRP sold on exchanges does not constitute a security, Kaiko says demand for XRP is back.

“Since last year’s landmark court ruling, which granted Ripple Labs a partial victory against the SEC, demand for XRP in US markets has grown steadily. The share of US platforms in global XRP volume has increased from less than 2% to 14% over the past year, matching levels from before the SEC suit.”

According to Kaiko, the inability of top exchanges to allow XRP trading during the suit resulted in pent-up trader interest that has blossomed since the ruling.

“The summary judgment stated that Ripple’s XRP sales through secondary trading platforms were not securities transactions, although direct sales to institutional investors were. Following the ruling, several US exchanges, including Coinbase and Gemini, relisted XRP, releasing pent-up demand from US traders. Ripple’s ongoing legal battle with the U.S. SEC continues to fuel XRP’s volatility.”

For a point of reference, Kaiko highlights that XRP’s July price gains outpaced those of Bitcoin (BTC) by 35% to 9%, just over speculation of an SEC settlement.

“Speculation grew after the SEC amended its Binance complaint and scheduled a closed-door meeting for August 1st. However, the meeting was later canceled, leading to a drop in prices.”

XRP is worth $0.490 at time of writing, down 18% in the last week, crashing with the rest of the markets. BTC is down 19% over the same period, currently worth $54,688.