Ripple XRP Accounts for 21% of All Crypto Trading Volume, Surpassing Bitcoin

2023-7-17 15:29

After Ripple’s partial win against the Securities and Exchange Commission (SEC), the XRP token now accounts for 21% of the total crypto trading volume, leaving behind the flagship cryptocurrency Bitcoin (BTC).

There has been a revival of positive sentiment amid the XRP community as the three-year-long legal battle against the SEC seemingly comes to an end.

XRP Volume Nearly Hits $25 Billion in 4 Days

According to data from CoinMarketCap, XRP has recorded around $25 billion in total trading volume since July 13. The volume surge came after the court ruled that Ripple did not violate federal securities law by distributing XRP on crypto exchanges.

On July 13, XRP recorded over $10 billion of trade, considered the largest volume in the last one and a half years.

XRP’s latest trading volume. Source: CoinMarketCap

With this, the digital asset data provider Kaiko shared that “XRP has surpassed BTC as the highest volume asset.”

The chart below shows that XRP contributed 21% to the market share of crypto volume in the last month, while BTC contributed 20%. Whereas Ethereum (ETH) is responsible for 8% of volume, and other altcoins combined make up 51% of the crypto volume.

XRP surpasses Bitcoin’s market share of crypto trade volume. Source: Kaiko tweet. We Ain’t Seen Nothing Yet

A Twitter user, Leonidas, highlighted that XRP’s July 13 marked the 76th largest daily trading volume. He explained:

“Even though this seems like a big number, historically, this was XRP’s 76th largest daily trading volume recorded on CMC. The highest was almost $37 billion on April 6th, 2021.

We ain’t seen nothing yet…”

After XRP’s partial victory on Thursday, the cryptocurrency has become fourth-largest based on market capitalization. Moreover, exchanges such as Kraken, Coinbase, and Binance.US have started relisting XRP. 

Click here to learn more about AI crypto trading bots.

But Ripple will still have to fight legal battles in the future as the company might have violated federal securities law by selling tokens worth $728.9 million to institutional investors.

Got something to say about this article or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Ripple XRP Accounts for 21% of All Crypto Trading Volume, Surpassing Bitcoin appeared first on BeInCrypto.

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