The cumulative trading volume of XRP over the last two months has surpassed every other altcoin since the start of 2023.
The pivotal verdict in July that ruled XRP was not an unregistered security has served as a major boost for the altcoin. Since the ruling, the daily trading volume of XRP in the U.S. has spiked, overtaking other altcoins.
Despite being blacklisted on many crypto exchanges in the U.S. until mid-July, XRP is now the most traded altcoin. Data from Kaiko shows that the trading volume of XRP in the U.S. this year is approaching $30 billion in just nine months.
Solana ranked second, with a cumulative trade volume of approximately $27 billion over the last nine months. Litecoin, Dogecoin, Cardano (ADA), Shiba Inu (SHIB), and MATIC also made the top five. This cumulative trade volume metric excludes Bitcoin, Ethereum, and stablecoins.
Kaiko explained that the high buying demand for XRP was driven by large U.S. traders looking to regain altcoin access after the July court ruling, where the court declared XRP as nonsecurity. After court decision top US exchanges like Coinbase, Gemini, Kraken rushed to relist XRP.
XRP Outperforms Top Altcoins in the Global Market
The growth of XRP has been felt across all markets, not only in the United States. According to Kaiko’s data, the average daily trading volume of XRP in August amounted to $462.8 million.
This is 3.6 times more than the second altcoin on the list, Solana. In August, Solana registered $128.4 million across all exchanges. BNB ranked third in August with $121.8 million, while Dogecoin followed with $113.2 million.
The first week after the ruling, the XRP trading volume outperformed Bitcoin and Ethereum. The daily trading volume of XRP is also on the rise in September, averaging over $1 billion this week. This puts XRP as one of the most traded crypto assets behind Bitcoin and Ethereum.
XRP Liquidity Rises
Kaiko has also reported that the liquidity of XRP has been on the rise. The rise in XRP market depth also began after July’s Ripple/SEC case court ruling.
According to the data, XRP had a monthly average depth of $8 million before the ruling. However, since then, the figure has increased to $12 million in early September.
Despite the improved market activity of XRP, the altcoin has lost most of its gains from July. The price of XRP rallied as high as $0.938 in mid-July. However, XRP now trades at $0.515 but looks to continue its rally.
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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