21. Juli 2024

XRP Surpasses Bitcoin in Trading Volume: Ripple v. SEC Win A Boost

• XRP daily trading volume has surpassed that of BTC and ETH following Ripple’s win in its legal battle against the US Securities and Exchange Commission (SEC).
• According to Kaiko, XRP trades have recently comprised 21% of the total crypto trading volume.
• Multiple cryptocurrency exchanges have supported XRP, helping it become the fourth-largest crypto by market cap.

Recent Surge in Trading Volume

XRP – the native token of Ripple – has been one of crypto’s best performers ever since the enterprise blockchain provider notched a landmark win in its legal battle against the US Securities and Exchange Commission (SEC). According to Kaiko, XRP trades have recently comprised 21% of the total crypto trading volume, leaving Bitcoin (BTC) in second position with 20%.

Impact of Court Victory

Ripple’s court victory acted as a catalyst for the native coin of the organization, which has soared by over 55% in the past four days (per CoinGecko’s data). At one point, XRP neared $1 and became the fourth-largest crypto by market cap, which currently stands at more than $38 billion. In comparison, this figure was approximately $25 billion prior to the judge’s decision.

Support from Exchanges

Recent analysis displayed by Kaiko showed that trades involving XRP represented 21% of the daily market share of all cryptocurrency trading volume. BTC ranked second with 20%, while Ethereum (ETH) accounted for 8%. One reason behind this significant success could be massive support coming from multiple cryptocurrency exchanges such as Coinbase, Kraken, Crypto.com and Bitstamp who re-launched their services with XRP hours after Ripple’s win.

Continued Growth Prospects

Despite positive trends seen around XRP’s value growth prospects still remain uncertain given its ongoing status as whether or not it is a security under US law. Despite this uncertainty many investors are speculating on whether or not it will continue to increase or settle back down once again at some point soon.

Conclusion

Overall, Ripple’s recent success as well as support from multiple exchanges have helped fuel an impressive surge in trading volume for its native asset – XRP – which now ranks fourth largest by market cap ahead of Bitcoin Cash (BCH), Litecoin (LTC) and EOS respectively. Whether or not this trend will continue remains unknown but certainly speculation on what could happen next continues to spread across markets globally