Amid the multi-week decline in XRP price, the asset’s trade volume has continued to witness noticeable surges across the top crypto exchanges.
Despite the prevalent market downtrend that has dampened XRP’s performance over the past few weeks, the asset has continued to attract investor interest. Notably, recent data confirms that XRP’s trade volume has surged across top exchanges.
XRP Trade Volume on Top Exchanges
According to crypto-tracking platform CoinMarketCap, XRP’s 24-hour trading volume stood at approximately $965 million at press time. This indicates that 1,832,628,166 (1.8 billion) XRP tokens have been traded in the past 24 hours.
Data from Messari further revealed that Binance, Huobi, Upbit, Digifinex, Bithumb, and Coinbase Exchange accounted for most of the XRP trade volume in the past 24 hours.
According to the data analytic platform, $148 million worth of XRP has been traded on Binance in the past 24 hours with the XRP/USDT pair. Meanwhile, $13.12 million and $6.89 million have been traded on the XRP/BUSD and XRP/BTC market pairs, respectively.
Meanwhile, the 24-hour trade volume for the XRP/USDT pair on Huobi Global stood at $54.65 million at the time of writing. On Upbit, XRP worth $36.62 million has been traded on the XRP/KRW pair in the past day.
While Digifinex recorded a trading volume of $34.17 million for the XRP/USDT pair, a $30.69 million trade volume was totaled for the XRP/KRW on the Bithumb platform.
Notably, the largest US-based exchange, Coinbase, boasts an XRP trade volume of $29.26 billion for its XRP/USD market pair.
Altcoin Volume Below Yearly High Despite XRP Win
Undoubtedly, XRP has remained one of the most prominent assets in the cryptocurrency market. The recent legal victory attained by the asset triggered demand not just for it but also for other altcoins.
However, data from market intelligence provider Kaiko suggests that these altcoins are still struggling to hit high trade volumes. Kaiko recently shared a chart depicting the combined monthly trade volume of altcoins, excluding XRP, BTC, and ETH.
Even with the $XRP ruling, altcoin trade volume has struggled to reach levels from earlier this year.
Will this turn around as we move into the Fall? pic.twitter.com/oJID60o7qh
— Kaiko (@KaikoData) August 23, 2023
Excluding the trade volumes of BTC, ETH, and XRP, Kaiko reported that the cumulative trade volume of all other altcoins has struggled to reach the yearly high attained earlier this year.
In particular, market data showed that these altcoins’ trade volume rose above $60 billion in April 2023. Despite the favorable ruling on XRP in July, the volume has remained below $20 billion as of August 23.
Recall that the bullish ruling on XRP came on July 13. At the time, XRP recorded a massive price surge that resulted in increased trade volumes on different exchanges.
The Crypto Basic reported that XRP’s overall trade volume crossed the $10B mark on July 13.
Remarkably, South Korean exchanges accounted for a large percentage of this trade volume. As published, over $2.5B XRP tokens were traded across top South Korean exchanges within 24 hours.