XRP recorded a massive $10.4 billion in 24-hour trading volume on Jul. 13, but this is only its 76th largest volume of all time, underscoring its immense potential.
Following the favorable ruling in the Ripple vs. SEC case, XRP experienced a significant surge in trading volume, hitting $10.4 billion on Jul. 13. However, despite the impressive figure, this volume only ranks as the 76th largest in the history of XRP, demonstrating its immense potential.
Leonidas, the host of the popular crypto YouTube channel XRPArcade, highlighted this in a recent tweet. He acknowledged the $10.4 billion surge in XRP’s trading volume while emphasizing that, historically, it falls within the lower range of notable volumes recorded by XRP on CoinMarketCap (CMC).
“On July 13th, XRP’s volume spiked to $10.4 billion. 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 $37B on April 6th, 2021.” Leonidas writes.
The tweet suggests that this recent surge in volume may be just the beginning for XRP. As the asset continues to gain traction and with the positive outcome of the Ripple vs. SEC case, it could surpass its previous record and reach even greater heights.
XRP’s Historical Trade Volume
Per data from CMC, XRP has had numerous instances of even higher trading volumes throughout its existence. For instance, on Apr. 6, 2021, XRP achieved its highest-ever daily trading volume, soaring to nearly $37 billion. This is over three times the recent high of $10.4 billion.
In addition, the second largest 24-hour volume for XRP amounted to $34.97 billion on Feb. 1, 2021. XRP achieved this feat less than two months after the SEC leveled charges against Ripple, mounting legal pressure on XRP.
Despite the pressure and uncertainty surrounding the asset after the lawsuit, XRP made significant strides throughout 2021. Notably, most of its highest trading volumes were recorded that year, with the rest observed in 2020. This historical context underscores the immense potential that XRP possesses.
XRP Sees Renewal of Interest
Following the strides in 2021, XRP witnessed a decline in trade volume in 2022. The prevailing bear market and the year’s numerous implosions contributed to this decline. XRP’s trade volume remained below $7 billion throughout 2022, with the highest value of the year being $6.16 billion on Feb. 8.
XRP had failed to again hit the $6.16 billion high this year despite intermittent price spikes. However, the recent ruling from Judge Torres triggered a renewal of investors’ interest. The $10.4 billion high is the largest volume registered by XRP since August 2021.
Notably, South Korean investors contributed to the latest trading volume high. As The Crypto Basic reported earlier, Upbit, Korea’s largest exchange, recorded the highest trading volume for XRP on Jul. 14.
Meanwhile, XRP’s current 24-hour volume is $3.95 billion at the reporting time. This figure represents an impressive 69.19% increase over the past 24 hours. Binance commands 17.98% of this volume, amounting to $708.5 million. However, Coinbase sees a volume of $50.7 million.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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