XRP has defied all expectations of a bearish outlook to become the most traded altcoin on crypto exchanges in the United States. The cryptocurrency has overtaken prominent cryptocurrencies like Solana, Litecoin, and Shiba Inu, despite being blacklisted from major exchanges previously and struggling with regulatory challenges.
XRP Dominates US Altcoin Trading Volumes
Blockchain-based digital payment network, Ripple has recorded new trading milestones on its native token XRP. A research report released in September by Kaiko, a digital asset market data provider revealed that the token has been topping the United States crypto charts in terms of trading volumes.
XRP has been seeing a 24-hour average trading volume of over $1 billion this month. These numbers are a significant increase from its average daily trading volume of $462.8 million in August.
Dessislava Ianeva, a Kaiko analyst reported that XRP’s cumulative trading volume for only 2023, has reached a staggering $30 billion. This report only factors in trading activities made on crypto exchanges based in the United States. Following XRP in second place in terms of cumulative trading volume is Solana (SOL) with a volume of $28 billion and Litecoin in third place below $20 billion.
According to Kaiko, in August, XRP plunged by 25%, underperforming top cryptocurrencies in the industry. The cryptocurrency has been struggling to remain stable after it failed to preserve the gains it accumulated following its partial victory over the lawsuit issued by the United States Securities and Exchange Commission (SEC).
Presently, buying demands for the token are on the rise in the US and Kaiko has revealed that the spike in demand may have been propelled by US traders looking to invest and profit from the cryptocurrency after a US federal Judge, Analisa Torres declared XRP non-security in a July court hearing.
Thriving As Regulatory Tensions Ease
XRP has not only been displaying impressive gains in its trading volume, the cryptocurrency has been demonstrating strong resilience in liquidity after regulatory constraints for the cryptocurrency subsided.
The token’s liquidity has improved significantly after the court ruling in July. According to recent data from Kaiko, XRP’s market depth has surged by 50%, attaining an average of $12 million from $8 million just this month.
The cryptocurrency’s price value has also been relatively stable and its price at the time of writing is just above the $0.50 mark, a 7% increase over the past week. XRP also looks to be on a recovery path despite SEC going back to court to challenge Judge Analisa’s ruling.
Nevertheless, the cryptocurrency has since been listed back on multiple crypto exchanges like Coinbase and is expanding to different regions globally, offering advanced crypto payment services and furthering cryptocurrency adoption in these territories.
Token price still holding above $0.5 | Source: XRPUSD on Tradingview.com
Featured image from Shuttershock, chart from Tradingview.com