XRP Emerges as the Most Traded Altcoin on US Cryptocurrency Exchanges in 2023
The native token of Ripple, XRP, has taken the lead as the most traded alternative coin on cryptocurrency exchanges available in the US this year. This surge in trading volume can be attributed to the asset’s popularity and recent developments surrounding it.
Leaving DOGE and SHIB Behind
An analyst from Kaiko, Dessislava Ianeva, reveals that the cumulative trade volume for XRP in 2023 has reached $30 billion. It is important to note that this research only covers transactions conducted on US-based crypto exchanges. Solana (SOL) comes in second place in terms of cumulative trade volume, followed by Litecoin (LTC).
Dogecoin (DOGE), a popular memecoin, holds the fourth position with less than $20 billion in cumulative trade volume. Shiba Inu (SHIB), DOGE’s main competitor, ranks seventh with approximately $10 billion worth of transactions.
#XRP has overtaken #SOL as the most traded alt on US-available exchanges this year. pic.twitter.com/Qinr3TClhC
— Dessislava Ianeva (@DessislavaIane2) September 19, 2023
Recap of XRP’s Roller-Coaster
In mid-July, XRP experienced a price surge when a US court ruled in favor of Ripple in its lawsuit against the US Securities and Exchange Commission. Within a few days, XRP’s price skyrocketed from around $0.47 to over $0.80.
However, despite this favorable ruling, it was only a partial victory as the securities regulator appealed the decision. As a result, XRP’s price retraced back to its pre-July levels.
Despite the setback, there are those who believe that Ripple will ultimately win the legal battle, which could potentially lead to another price increase for XRP. One trader, known as KALEO on Twitter, is optimistic about this outcome.
Hot Take: XRP Continues to Dominate Trading Volumes
XRP has solidified its position as the most traded alternative coin on US cryptocurrency exchanges in 2023. With a cumulative trade volume of $30 billion, XRP has left other popular coins like DOGE and SHIB behind. Despite facing legal challenges, XRP’s popularity and recent court ruling in favor of Ripple have contributed to its trading volume growth. As the crypto market continues to evolve, it will be interesting to see how XRP performs and whether it can sustain its dominance in trading volumes.
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