- Following its recent legal win against the SEC, Ripple’s XRP has overtaken Bitcoin in trade volume, marking a significant shift in cryptocurrency market dynamics.
- Despite a slight loss after reaching its peak, XRP’s overall momentum stays positive, potentially fueled by its court victory and subsequent relisting on numerous platforms.
In an interesting turn of events, XRP, Ripple’s cryptocurrency, has reportedly surpassed Bitcoin to become the digital asset with the highest trading volume. After a landmark legal victory against the U.S. Securities and Exchange Commission (SEC), XRP now represents 21% of all cryptocurrency trade volume. This is a significant shift in the cryptocurrency arena, where Bitcoin has historically been the volume leader.
The Ripple Effect: Legal Victory and Market Impact
Ripple recently found itself in the spotlight, following a historic court ruling in its favor against the SEC. The favorable verdict resulted in XRP’s relisting on major cryptocurrency exchanges, setting the stage for a surge in demand and trading volume. Consequently, the XRP token witnessed an impressive rally, with a price appreciation of approximately 65%.
However, the road hasn’t been entirely smooth for XRP. After hitting a recent peak, the token has shed around 20% of its value. Despite this setback, the overall market sentiment towards XRP remains upbeat. The significant increase in trading volume indicates heightened interest and activity surrounding the token, likely stimulated by its legal victory and the subsequent relisting on various platforms.
Meanwhile, Bitcoin, the pioneer of the cryptocurrency world and typically the most traded digital asset, seems to have hit a pause. Despite repeated attempts, Bitcoin has struggled to breach the $30,000 mark. Although Bitcoin continues to be a significant market player, XRP’s explosion in trading volume has temporarily dimmed its dominance.
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The surge in XRP’s trading volume, in contrast to Bitcoin’s, underlines the profound influence of legal and regulatory outcomes on the cryptocurrency landscape. It emphasizes the inherent volatility of the market and the swift alterations that can take place following significant events.
While XRP’s recent rise in trading volume has momentarily dethroned Bitcoin, the future trend remains uncertain. Various elements like market sentiment, upcoming regulatory changes, and wider economic factors will play a crucial role in shaping the trading volumes.
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