- Volume Surge: Despite a downtrend in its price, XRP sees an astonishing 24-hour trading volume, with 1.8 billion tokens traded.
- Exchanges Lead: Binance, Huobi, Upbit, Digifinex, Bithumb, and Coinbase have been the front-runners in this trade volume frenzy.
Deciphering XRP’s Resilience Amid Market Woes
Despite facing the brunt of a multi-week decline in price, XRP remains undeterred in the trade volume department. Contrary to its waning price, the asset has experienced surges, especially on leading cryptocurrency exchanges.
Top Exchanges and XRP’s Surging Volume
As per CoinMarketCap, a renowned crypto statistics platform, XRP flaunted a 24-hour trading volume of nearly $965 million. This translates to an impressive 1.8 billion XRP tokens being shuffled around within a day.
Delving deeper into the numbers, Messari’s data spotlights a few exchanges that have been at the heart of this surge. Binance, for instance, traded XRP worth $148 million, predominantly with the XRP/USDT pairing. Concurrently, Huobi Global and Upbit recorded volumes of $54.65 million (XRP/USDT) and $36.62 million (XRP/KRW), respectively.
DigiFinex and Bithumb weren’t left behind either. Their respective trade volumes for XRP hovered at $34.17 million and $30.69 million. Furthermore, Coinbase, one of the United States’ most prominent exchanges, exhibited an XRP trade volume of $29.26 billion in its XRP/USD market.
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Altcoins Struggle in XRP’s Shadow
XRP’s recent legal triumphs have undoubtedly contributed to the demand for the asset and have had a cascading effect on other altcoins as well. However, not all is rosy for the altcoin market. Market intelligence provider, Kaiko, showcased that excluding the giants – BTC, ETH, and XRP, other altcoins have been grappling to reach the trading volumes they achieved earlier this year.
While these altcoins, excluding XRP, BTC, and ETH, touched a significant volume of over $60 billion in April 2023, they’ve been trailing below the $20 billion mark as of late August. This is despite the favorable turn of events for XRP in July.
Looking back, XRP’s price surged after the favorable ruling on July 13, driving its trade volume upwards across various platforms. On that particular day, the trade volume soared past $10 billion, with South Korean exchanges playing a pivotal role. Notably, over $2.5 billion XRP tokens found themselves in transactions across major South Korean exchanges within that 24-hour window.
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