XRP Dominates U.S. Cryptocurrency Exchanges, Outpacing Solana and Dogecoin in Trading Volume
In a surprising turn of events, XRP has managed to stage a remarkable comeback, solidifying its position as the leading altcoin by trading volume in the United States. This achievement comes despite its previous inclusion on the SEC’s blacklist and the legal challenges it has faced.
According to a recent research report released by Kaiko, a provider of digital asset market data, XRP has emerged as the top cryptocurrency in the United States in terms of trading volume. The cryptocurrency has witnessed an average daily trading volume of over $1 billion this month, a significant increase from the average daily trading volume of $462.8 million in August 2023. Notably, XRP’s cumulative trading volume in 2023 has reached an astonishing $30 billion in the United States alone. Following XRP in second place for cumulative trading volume is Solana (SOL) with $28 billion, and Litecoin in third place with less than $20 billion.
Previously, in August, XRP experienced a 25% price decline, lagging behind the industry’s top cryptocurrencies. The digital asset struggled to maintain stability after failing to secure the profits it had accumulated following a partial victory in the lawsuit brought by the U.S. Securities and Exchange Commission (SEC).
— Dessislava Ianeva (@DessislavaIane2) September 19, 2023
Currently, there is a growing demand for the token in the United States. Kaiko has revealed that this surge in demand may be driven by U.S. traders seeking to invest in and profit from cryptocurrencies, especially after U.S. Federal Judge Analisa Torres declared XRP not to be a security during a trial in July 2023.
XRP Thrives Amid Regulatory Uncertainty
XRP has not only demonstrated impressive growth in trading volume but has also shown a strong rebound in liquidity following the easing of legal constraints on the cryptocurrency.
The token’s liquidity has significantly improved since the court ruling in July. According to recent data from Kaiko, XRP’s market depth has increased by 50%, averaging $12 million, up from $8 million just this month. The cryptocurrency’s value has also remained relatively stable, hovering above the $0.5 mark, reflecting a 7% increase over the past week. XRP appears to be on a path to recovery, despite the SEC’s return to court to challenge Judge Analisa’s ruling.
$XRP liquidity has improved significantly after July’s court ruling in the Ripple/SEC case. Market depth rose from an average of $8mn in June to $12mn in early September, even as XRP’s price and volume has declined. pic.twitter.com/WtWqcVhKb5
— Kaiko (@KaikoData) September 18, 2023
Moreover, XRP has been relisted on multiple cryptocurrency exchanges, including Coinbase, and is expanding into various regions worldwide, offering advanced cryptocurrency payment services. This expansion is driving the adoption of cryptocurrencies in these regions, further solidifying XRP’s position as a dominant player in the market.
In conclusion, XRP’s resurgence in the United States as the leading altcoin by trading volume is a remarkable feat considering the legal hurdles it has faced. Its ability to rebound and thrive amidst regulatory uncertainties underscores the resilience and potential of cryptocurrencies in the ever-evolving digital financial landscape.
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