- XRP surpasses competitors, becoming the most traded altcoin on US crypto exchanges.
- Liquidity for XRP rebounds as regulatory tensions ease, signifying investor confidence.
- The cryptocurrency’s stability and market presence continue to grow, even after legal challenges.
In a surprising turn of events, XRP has defied bearish expectations to emerge as the top-traded altcoin on cryptocurrency exchanges in the United States. Despite facing past blacklisting on major exchanges and grappling with regulatory hurdles, XRP has eclipsed renowned cryptocurrencies like Solana, Litecoin, and Shiba Inu.
XRP Takes Command of US Altcoin Trading Volumes
Ripple, the blockchain-based digital payment network, has achieved remarkable milestones with its native token, XRP. A September research report by Kaiko, a digital asset market data provider, unveiled that XRP has dominated the charts in the United States when it comes to trading volumes.
XRP has consistently maintained a 24-hour average trading volume of over $1 billion this month, marking a significant increase from its average daily trading volume of $462.8 million in August.
Dessislava Ianeva, an analyst at Kaiko, reported that XRP’s cumulative trading volume for 2023 alone has reached an astonishing $30 billion, solely considering trading activities on US-based cryptocurrency exchanges. Solana (SOL) takes second place with a trading volume of $28 billion, and Litecoin follows in third place with less than $20 billion.
In August, XRP faced a 25% decline, underperforming other leading cryptocurrencies in the industry. The cryptocurrency has been striving to maintain stability after failing to sustain the gains it had achieved following a partial victory in its lawsuit against the United States Securities and Exchange Commission (SEC).
Currently, there is a growing demand for XRP in the US, possibly driven by US traders seeking to invest and profit from the cryptocurrency. This surge in demand may have been sparked by a July court hearing in which US federal Judge Analisa Torres declared XRP as a non-security.
Prospering Amidst Eased Regulatory Tensions
XRP has not only exhibited impressive gains in trading volume but has also displayed strong resilience in liquidity as regulatory constraints have eased for the cryptocurrency.
Since the July court ruling, XRP’s liquidity has notably improved. Recent data from Kaiko indicates that XRP’s market depth has increased by 50%, reaching an average of $12 million from $8 million in the same month.
The cryptocurrency’s price has also remained relatively stable, currently hovering just above the $0.50 mark, reflecting a 7% increase over the past week. Despite the SEC’s return to court to challenge Judge Analisa’s ruling, XRP appears to be on a path to recovery.
Furthermore, XRP has been relisted on multiple cryptocurrency exchanges, including Coinbase, and is expanding its presence in various global regions. It continues to offer advanced crypto payment services, furthering the adoption of cryptocurrencies in these territories.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.