Statistics from reputable sources indicate that XRP is more sought after beyond the borders of the United States.
It's intriguing that #Ripple claims US exchanges only represent 5% of global #XRP sales. From what I can gather, US exchanges comprise ~15-20% of global ETH volume. Seems a strong indication the SEC has made #XRP more desirable outside the US.https://t.co/i9SNBUSVSP pic.twitter.com/NQIS2AAmsU
— WrathofKahneman (@WKahneman) December 31, 2023
Amid the struggle between digital assets and U.S. regulators, XRP has demonstrated its prominence globally. In its 2023 Q3 report on XRP markets, Ripple revealed that U.S.-based crypto exchanges accounted for only about 5% of the global XRP volume.
This percentage marked a noteworthy achievement for U.S. trading platforms as it was achieved subsequent to a court decision favoring XRP on July 13.
XRP Dominance Outside U.S.
Meanwhile, the Ripple report highlighted the dominance of offshore exchanges, with Binance commanding an overwhelming share of XRP volume. Specifically, the report mentioned that Binance, the largest crypto trading platform, maintained approximately 60% of the share of the overall value of XRP trades.
Following closely was the prominent South Korean exchange Upbit. The report indicated the exchange contributed about 20% of XRP’s global volume. Besides, Upbit maintained its position even after U.S.-based Coinbase started featuring on the hierarchy in mid-July.
Other non-U.S. crypto trading outlets where XRP is more traded include OKEX, Bitstamp, and Bybit. Interestingly, U.S. exchanges that relisted XRP, such as Gemini and Kraken, failed to secure substantial positions in XRP trading volume as of the third quarter of 2023.
Furthermore, data from the well-known market tracking platform CoinMarketCap further corroborates XRP’s appeal outside the United States.
Among U.S. crypto exchanges, Coinbase is the sole platform to secure the tenth position in XRP’s 24-hour trading volume. Outranking Coinbase are global platforms like Binance, UEEx, Upbit, BIKA, Bithumb, MEXC, Bybit, Coinsbit, and IndoEX.
Note that American exchanges distanced themselves from XRP as the U.S. regulator contested that the asset was an unregistered security since 2020.
Evidently, the turnout impacted Americans’ access to XRP until mid-July, when the U.S. exchanges moved to reinstate the asset on their trading platforms.
Ultimately, XRP’s increased desirability outside the United States, as evidenced by diverse data sources, underscores the global prominence of this digital asset amid U.S. regulatory challenges.