The tides are shifting the crypto market of late. Frenzied trading has pushed XRP to garner trading volumes higher than those of Bitcoin, otherwise leading the pack in trading volumes. The positive sentiment around XRP comes after Ripple’s legal win against the U.S. Securities and Exchange (SEC).
XRP Trading Volume Dwarfs Bitcoin’s
XRP has flipped Bitcoin to become the crypto asset with the highest trading volume.
Data from CoinMarketCap shows that XRP has registered roughly $25 billion in total trading volume since July 13, suggesting investors are confident in the token. The rapid volume surge came after a judge ruled that the sale of Ripple’s XRP tokens on exchanges and via algorithms did not constitute securities following a two-year legal battle instigated by the SEC.
On the day of the ruling, July 13, the trading volume of XRP pairs on centralized exchanges hit over $10 billion, which is deemed the biggest volume in the last one and a half years.
Digital asset market research firm Kaiko observed that “XRP has surpassed BTC as the highest volume asset.” For context, XRP dominated a staggering 21% of all crypto trade volume, while BTC contributed 20%. Ether — the second-largest crypto by market capitalization — made up for 8% of all volume, whilst other altcoins combined were responsible for 51% of the crypto volume.
The trading frenzy happened as Coinbase, Kraken, and other cryptocurrency exchanges re-listed or revealed plans to restart trading with the token on their platforms for U.S. customers after the partially favorable court decision on Thursday.
New XRP ATH In The Coming Months?
In December 2020, the SEC filed a civil complaint against Ripple, its CEO Bradley Garlinghouse, and co-founder Chris Larsen, claiming failure to register XRP as a security before selling over $1.2 billion worth to the public. Long years of Twitter spats and legal advances followed as Ripple tried to argue how fundamentally wrong it is to classify XRP as a security.
XRP’s price has endured periods of turmoil in the last few years since the suit was announced. But the recent days have seen the token enjoying a euphoric price rally.
According to Leonidas Hadjiloizou, a long-time cryptocurrency researcher, XRP’s July 13 $10 billion volume marked only the 76th largest daily trading volume.
“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,” he tweeted.
This suggests that the XRP price could reach a new record high in the coming months, according to some observers on Twitter.