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XRP token has reportedly overtaken Bitcoin as the cryptocurrency with the highest trading volume. Following a significant legal victory last week, XRP has dominated 21% of all cryptocurrency trade volume. This marks a dramatic shift in market dynamics, as Bitcoin traditionally leads the pack in terms of trade volume.
Ripple has recently been in the limelight due to a historic court ruling in its favor against the U.S. Securities and Exchange Commission (SEC). This verdict led to XRP's relisting on major cryptocurrency exchanges, and a subsequent surge in demand and trading volume followed suit. The XRP token has experienced an impressive rally, seeing a gain of around 65% in its price.
#XRP has surpassed #BTC as the highest volume asset 👀
— Kaiko (@KaikoData) July 17, 2023
Since last week's court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO
However, it is worth noting that XRP has lost about 20% of its value since reaching its recent peak. Despite this drawback, the overall momentum for XRP remains positive. The uptick in trading volume suggests increased interest and activity around the token, likely driven by the court victory and relisting on various platforms.
Tomiwabold OlajideMeanwhile, Bitcoin, the original cryptocurrency and traditionally the most traded digital asset, seems to have stalled. Despite numerous attempts, Bitcoin has struggled to break away from the $30,000 threshold. While Bitcoin remains a key player on the cryptocurrency market, the surge in XRP trading volume has momentarily overshadowed its dominance.
The increase in XRP's trading volume compared to Bitcoin's is a clear indication of the impact of legal and regulatory decisions on cryptocurrency markets. It underscores the potential volatility and rapid shifts that can occur in response to such events.
While XRP's recent surge in trading volume has led it to outpace Bitcoin momentarily, it is still unknown if this trend will continue. Factors such as market sentiment, regulatory developments and broader economic factors all play a role in determining trading volumes.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov