In a remarkable turn of events, XRP has emerged as the most traded altcoin in the United States, outpacing its competitors Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB). The cumulative trading volume of XRP over the past two months has surpassed every other altcoin since the beginning of 2023, solidifying its position in the market.
This surge in trading volume can be attributed to the pivotal verdict in July that ruled XRP as not being an unregistered security, serving as a major boost for the altcoin’s reputation. Following this ruling, the daily trading volume of XRP in the United States has experienced a significant spike, surpassing that of other altcoins.
Despite facing blacklisting on several US-based crypto exchanges until mid-July, XRP has managed to climb to the top as the most traded altcoin. According to data provided by Kaiko, XRP’s trading volume in the United States this year is fast approaching $30 billion, an impressive feat accomplished in just nine months.
XRP Takes the Lead, Leaving Competitors in Its Wake
Solana (SOL) secured the second position with an approximate cumulative trade volume of $27 billion over the past nine months. Other prominent altcoins in the top five include Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), and Polygon (MATIC). It’s important to note that this cumulative trade volume metric excludes Bitcoin, Ethereum, and stablecoins.
Kaiko also shed light on the underlying factors driving the increased demand for XRP. According to the data-driven platform, Large United States traders who are eager to regain access to altcoins following XRP’s victory, have been instrumental in driving the surge in the digital asset’s buying demand. Relisting of XRP by Major US exchanges such as Coinbase, Gemini, and Kraken is also a major contributing factor.
XRP Makes Waves in the Global Market, Outperforming Top Altcoins
The staggering growth of XRP has not only been confined to the United States but has reverberated across global markets. According to data from Kaiko, the average daily trading volume of XRP in August reached an impressive $462.8 million.
This figure is 3.6 times higher than the second altcoin on the list, Solana, which registered $128.4 million in trading volume across all exchanges during the same period. BNB secured the third position in August with $121.8 million, closely followed by Dogecoin with $113.2 million.
🚨Despite its recent pullback,#XRP saw far stronger trading activity relative to other altcoins.
— Kaiko (@KaikoData) September 7, 2023
In the first week after the court ruling, XRP’s trading volume even surpassed that of Bitcoin and Ethereum. The upward trend has continued into September, with the daily trading volume of XRP averaging over $1 billion this week. This positions XRP as one of the most actively traded crypto assets, trailing only behind Bitcoin and Ethereum.
Rise in XRP Liquidity Reinforces Market Presence
Kaiko’s data has also revealed a substantial increase in the liquidity of XRP. This rise in market depth for XRP commenced shortly after the court ruling in July, marking yet another milestone for the altcoin.
Before the ruling, XRP had a monthly average depth of $8 million. However, since then, the figure has steadily climbed to $12 million as of early September, indicating growing market interest and confidence in XRP.