XRP, in a surprising turn of events, has dethroned Bitcoin as the crypto asset with the highest trading volume. It comes in the wake of Ripple’s legal victory over the U.S. Securities and Exchange Commission, validating investor confidence in the token.
According to CoinMarketCap data, since July 13, XRP’s total trading volume has reached around $25 billion, surpassing Bitcoin. This activity spike followed a judge’s ruling that the sale of Ripple’s XRP tokens did not constitute securities, marking the end of a two-year legal standoff initiated by the SEC.
On July 13, the day of the ruling, XRP’s trading volume on centralized exchanges soared above $10 billion, marking the most significant volume over the last 18 months. An analysis by digital asset market research firm Kaiko revealed XRP’s domination of 21% of the entire crypto trade volume, edging out Bitcoin’s 20%.
This trading spike coincides with plans from major cryptocurrency exchanges like Coinbase and Kraken to reintroduce or re-list XRP for US customers, following the court’s ruling in Ripple’s favour.
Despite facing turmoil due to a lawsuit filed by the SEC in December 2020, XRP price has picked up momentum recently. Cryptocurrency researcher Leonidas Hadjiloizou noted that XRP’s July 13 $10 billion volume isn’t the highest, suggesting potential for further growth. Experts speculate that these stats could signal a new all-time high for XRP’s price in the foreseeable future.