Cryptocurrency XRP has seen a significant increase in trading volume since the start of 2023, outpacing all other alternative coins (altcoins). This surge in trading activity comes after a critical court decision in July declared that XRP was not an unregistered security, prompting a rise in its popularity among traders.
As of Wednesday, the trading volume of XRP in the U.S. is nearing $30 billion for the first nine months of the year, according to data from Kaiko. This figure signifies a remarkable comeback for XRP, which was barred from many American cryptocurrency exchanges until mid-July.
In the wake of the court ruling, large U.S. traders were keen to regain access to altcoin trades. Major U.S. exchanges such as Coinbase (NASDAQ:COIN), Gemini, and Kraken quickly moved to relist XRP following the court's decision.
The effects of XRP's growth have been felt globally. Kaiko's data reveals that in August alone, the average daily trading volume for XRP was $462.8 million. This figure is 3.6 times higher than that of Solana, which came second on the list with $128.4 million across all exchanges.
In the week following the July ruling, XRP's trading volume even surpassed those of Bitcoin and Ethereum. This trend appears to be continuing into September with daily trading volumes averaging over $1 billion, making XRP one of the most traded cryptocurrencies after Bitcoin and Ethereum.
Kaiko also reports an increase in XRP's liquidity, with the market depth of XRP rising following the Ripple/SEC case ruling in July. Prior to the ruling, XRP's monthly average depth was $8 million, but it has since risen to $12 million by early September.
Despite this heightened market activity, XRP has seen a decrease in its price from its peak in mid-July. The price of XRP reached a high of $0.938 but has since fallen to $0.515, although it appears poised to continue its rally.
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