XRP Emerges as the Leading Altcoin in US Crypto Exchanges
XRP, the native token of Ripple, has defied expectations and emerged as the most traded altcoin on crypto exchanges in the United States. This achievement comes despite previous blacklisting and regulatory challenges faced by XRP.
Record-Breaking Trading Volumes for XRP
A recent research report from Kaiko, a digital asset market data provider, has revealed that XRP has been dominating the trading volumes in the US crypto market. The token has consistently achieved a 24-hour average trading volume of over $1 billion this month, marking a significant increase from its previous average daily volume of $462.8 million in August.
According to Dessislava Ianeva, an analyst at Kaiko, XRP’s cumulative trading volume for 2023 alone has reached an impressive $30 billion. These figures only consider trading activities on US-based crypto exchanges. Solana (SOL) follows XRP in second place with a volume of $28 billion, while Litecoin ranks third with a volume below $20 billion.
XRP’s Resilience Amid Regulatory Challenges
In August, XRP experienced a 25% drop in value compared to other top cryptocurrencies. The token has struggled to maintain stability following its partial victory over the lawsuit filed by the US Securities and Exchange Commission (SEC).
However, regulatory tensions have eased for XRP, leading to improved liquidity and increased demand from US traders. The court ruling declaring XRP as a non-security in July has boosted buying interest in the cryptocurrency.
Thriving Liquidity and Price Stability
In addition to its impressive trading volumes, XRP has demonstrated strong resilience in liquidity since the regulatory constraints were lifted. Market depth for XRP has surged by 50%, reaching an average of $12 million from $8 million this month, according to Kaiko data.
The price value of XRP has also remained relatively stable, with a 7% increase over the past week, currently hovering above the $0.50 mark. Despite the SEC’s decision to challenge Judge Analisa’s ruling, XRP appears to be on a recovery path.
Expanding Presence and Adoption
Following its relisting on multiple crypto exchanges like Coinbase, XRP is expanding its presence globally. The cryptocurrency is offering advanced crypto payment services and driving cryptocurrency adoption in various regions.
Hot Take: XRP Defies Expectations and Emerges as the Leading Altcoin in the US Crypto Market
XRP has surpassed all expectations by becoming the most traded altcoin on US crypto exchanges. Despite facing blacklisting and regulatory challenges, the cryptocurrency has achieved record-breaking trading volumes and demonstrated resilience in liquidity and price stability. The court ruling declaring XRP as a non-security has sparked increased demand from US traders, leading to its dominance in trading activities. With its expanding presence and global adoption efforts, XRP continues to defy odds and solidify its position as a leading cryptocurrency.
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