XRP surpasses Bitcoin in weekly trading volume after legal victory
XRP surpasses Bitcoin in weekly trading volume after legal victory
The Rise of XRP: Surpassing Bitcoin in Trading Volume
The blockchain industry has been abuzz with news of XRP, the native token of the Ripple network, surpassing Bitcoin in trading volume on the weekly average. This significant achievement marks a milestone for Ripple and highlights the growing interest in its digital asset.
Ripple’s Legal Victory and Increased Trading Volume
Ripple’s recent surge in popularity can be attributed to a landmark court decision in its favor. The United States Securities and Exchange Commission (SEC) initially took legal action against Ripple, accusing it of selling unregistered securities. However, a federal judge in New York recently ruled that XRP is only considered a security when sold directly to institutional investors under specific written contracts. When the token is sold to retail investors on crypto exchanges, it is not deemed a security.
This court verdict proved to be a game-changer for Ripple, leading to major cryptocurrency exchanges relisting XRP. The reintroduction of XRP on these platforms caused a surge in demand and subsequently propelled its trading volume to new heights.
XRP’s Rally and Market Sentiment
Following the court ruling, XRP experienced a significant rally, with its price soaring by approximately 65%. The relisting of XRP on various platforms ignited substantial interest in the token, which in turn led to a surge in trading volumes. In fact, XRP accounted for 21% of all cryptocurrency trade volume over the past week, surpassing Bitcoin in this regard.
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Despite a recent drop in value, where XRP experienced a 20% decrease after reaching its peak, market sentiment for the token remains positive. The spike in weekly trading volume indicates the increased interest and activity surrounding XRP.
XRP’s Market Cap and Price Surge
Over the past seven days, XRP has witnessed an impressive surge of 59.4% in both its market cap and price. Its market capitalization skyrocketed from a low of $25 billion to over $39 billion within a week. Additionally, the token’s price rose from as low as $0.47 to trade above the $0.74 mark at the time of writing. This translates to a nearly 3% increase in the past 24 hours alone.
To visualize XRP’s market share in the crypto trade volume, refer to the table below:
| Cryptocurrency | Percentage of Trade Volume |
|---|---|
| XRP | 21% |
| Bitcoin | X% (lower than XRP) |
| Others | 79% |
(Data source: Kaiko)
Bitcoin’s Struggles and Market Cap Decline
While XRP is basking in its recent success, Bitcoin appears to have hit a stumbling block. Despite multiple attempts, Bitcoin has struggled to surpass the $30,000 mark. Although Bitcoin remains a leading actor in the cryptocurrency market, XRP’s surge in weekly trading volume has momentarily overshadowed Bitcoin’s longstanding dominance in this aspect.
In the past 24 hours, Bitcoin’s price has fluctuated above and below the $30,000 mark, indicating the asset’s difficulty in breaking above the resistance. The largest cryptocurrency by market capitalization currently has a 24-hour high of $30,290 and a 24-hour low of $29,792.
Bitcoin’s market cap has also experienced a decline of over $30 billion in the past few days. Its valuation dropped from $591 billion to approximately $579 billion, further highlighting the challenges Bitcoin is currently facing.
To visualize Bitcoin’s price movement on the 4-hour chart, refer to the graph below:
Conclusion
XRP’s recent achievement of surpassing Bitcoin in trading volume showcases the growing interest in Ripple’s native token. The court ruling in favor of Ripple, coupled with its relisting on major exchanges, has sparked a surge in demand and trading activity for XRP. Despite a recent drop in value, XRP’s market cap and price have experienced significant growth.
Meanwhile, Bitcoin has encountered difficulties in breaking past the $30,000 mark and has seen a decline in market cap. While Bitcoin remains a dominant force in the cryptocurrency market, XRP’s recent success serves as a reminder of the industry’s ever-evolving landscape.
As the blockchain industry continues to evolve, it is essential to stay informed about the latest developments and trends. The rise of XRP and its trading volume surpassing Bitcoin is just one example of the dynamic nature of the blockchain industry.
