Ripple (XRP) surpassed bitcoin in terms of cryptocurrency trading volume
Date: 2023-07-18 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Trading volumes of the Ripple token (XRP) now form 21% of the total trading volume of cryptocurrencies. Even the king of cryptocurrencies, Bitcoin, was left behind
After Ripple's partial court victory over the U.S. Securities and Exchange Commission (SEC), XRP, the project's native token, now accounts for 21% of total cryptocurrency trading, leaving behind even the world's main cryptocurrency, Bitcoin (BTC).
There is a resurgence of positive sentiment in the community as it appears that the project's three-year legal battle with the SEC is coming to an end.
XRP trading volume reached almost $25 billion in 4 days
According to CoinMarketCap, since July 13, the total trading volume of the XRP token has been about $25 billion, the increase in volume occurred after the court ruled that Ripple did not violate federal securities laws by distributing the token on crypto exchanges.
On July 13, XRP trading volume was more than $10 billion, which is the highest volume in the last year and a half.
In this regard, crypto statistics provider Kaiko reported that "XRP has surpassed BTC as the asset with the highest trading volume."
In the chart below, you can see that Ripple's share of the cryptocurrency market over the past month was 21%, while BTC's share is only 20%. Ethereum (ETH) accounts for 8% of the volume, with the rest of the altcoins collectively form 51% of the trading volume of cryptocurrencies.
We haven't seen anything yet
A Twitter user under the nickname Leonidas cited statistics according to which on July 13, Ripple's trading volume soared to $10.4 billion.
"While this seems like a large number, historically this is only the 76th highest daily trading volume of XRP recorded on the CMC. The highest figure was recorded on April 6, 2021 - almost $37 billion.
After Ripple's partial victory over the SEC, the token broke into fourth place in the ranking of the most capitalized cryptocurrencies, and many crypto exchanges began to re-list XRP.
However, it should be borne in mind that the judicial saga is far from over, and Ripple may still face legal problems in the future.
