XRP Trade Volume Soars Following U.S. Court Ruling
Since 2023, XRP has seen a significant increase in trading volume, surpassing all other alternative coins. This surge is due to a July court decision that XRP is not an unregistered security, boosting its popularity among traders. The trading volume of XRP in the U.S. is nearing $30 billion for the first nine months of the year, a remarkable comeback for XRP, which was barred from many American exchanges until mid-July. Major exchanges like Coinbase, Gemini, and Kraken have relisted XRP following the ruling.
XRP’s growth has significantly impacted global trading, with an average daily trading volume of $462.8 million in August, 3.6 times higher than Solana’s $128.4 million. This trend continues into September, with daily trading volumes averaging over $1 billion, making XRP one of the most traded cryptocurrencies after Bitcoin and Ethereum. XRP’s liquidity has also increased, with the market depth rising following the Ripple/SEC case ruling in July. XRP’s monthly average depth rose from $8 million to $12 million by early September. Despite this, XRP’s price has decreased from its peak in mid-July, dropping to $0.515, although it appears poised to continue its rally.
(With inputs from Shikha Singh)
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