- XRP’s average daily trading volume surged to $462.8 million in August, surpassing other major altcoins like BNB, ADA, and LTC.
- While exchanges like Upbit and OKX witnessed a selloff, Coinbase and Binance registered high buying pressure for XRP.
In a display of counterintuitive market behavior, XRP has managed to secure a robust trading volume despite facing significant selling pressure on key cryptocurrency exchanges. According to data analytics firm Kaiko, XRP’s average daily trading volume soared to a staggering $462.8 million in August, eclipsing other notable altcoins such as Binance Coin (BNB), Cardano (ADA), and Litecoin (LTC).
The Scales of Market Interest: Deciphering Mixed Signals
XRP’s surge in trading volume is particularly intriguing in the context of its recent legal battles. The asset, which the U.S. Securities and Exchange Commission (SEC) once classified as a security, has seen renewed interest following a partial court victory for Ripple in mid-July. On September 1st alone, XRP‘s daily trading volume catapulted to an impressive 4.84 billion XRP.
Yet, this buoyant trading climate coexists with strong selling winds on certain platforms. Upbit, South Korea’s largest cryptocurrency exchange, registered the highest selling pressure for XRP, reaching up to 55%. OKX was not far behind, with a 54% share of sell orders. This apparent contradiction raises questions about the asset’s current market standing.
While the selling action remains largely unattributed, some speculate that the bearish sentiment is a consequence of lingering uncertainties regarding Ripple’s legal skirmish with the SEC, which is seeking to appeal the company’s victory. However, what is clear is that the asset has become a hotbed of investor activity, revealing divergent market attitudes.
For instance, American cryptocurrency exchange Coinbase experienced the highest buying pressure for XRP last month, closely followed by Binance. This pivot towards buying activity on specific platforms may be attributed to ‘whale’ investors in the United States regaining access to XRP following the July court ruling. As stated by Kaiko,
“XRP average trade size has also increased on Coinbase, surpassing all top ten altcoins.”
In a global purview, XRP continues to dominate trading volumes outside the United States. Despite its complex and often confounding market signals, the asset currently ranks as the sixth most traded altcoin in the United States, as reported by The Crypto Basic. It seems that, for now, the vicissitudes of legal proceedings and varied investor sentiment have made XRP a paradoxical figure in the crypto arena, demonstrating resilience in trading volumes amid a tempestuous landscape.