The cumulative transaction volume of XRP in the USA in the last two months broke a record. With this move, XRP has surpassed all other altcoin projects since the beginning of 2023.
In the US market, XRP is the leader among altcoin projects!
As you follow from Kriptokoin.com, in July the court ruled that XRP was not an unregistered security. This important decision was a huge boost for the altcoin. Since the decision, daily trading volume of XRP in the US has increased. Moreover, it surpassed most other altcoins by a wide margin. Despite being blacklisted on many US crypto exchanges by mid-July, XRP is currently the most traded altcoin. Kaiko shows that XRP’s trading volume in the US this year has approached $30 billion in just nine months.
Solana ranks second with a cumulative trade volume of approximately $27 billion in the last nine months. Litecoin, Dogecoin, Cardano (ADA), Shiba Inu (SHIB) and MATIC also made the top five. This cumulative trading volume metric excludes Bitcoin, Ethereum and stablecoins. Kaiko explained that the high buying demand for XRP was driven by large US traders looking to regain access to the altcoin following a July court decision in which the court declared that XRP was not a security. Following the court decision, the largest US exchanges such as Coinbase rushed to relist XRP. This included Gemini and Kraken.
XRP outperforms others in the global market
XRP’s growth has been felt across all markets, not just the US. According to data from Kaiko, the average daily trading volume of XRP in August was $462.8 million. This is 3.6 times more than Solana, the second altcoin on the list. In August, Solana recorded $128.4 million across all exchanges. BNB ranked third with $121.8 million in August. Popular meme coin Dogecoin followed with $113.2 million.
In the first week after the decision, XRP trading volume outperformed Bitcoin and Ethereum. XRP’s daily trading volume also started to rise in September. During this period, the average transaction volume for the altcoin exceeded 1 billion dollars. This makes XRP one of the most traded crypto assets after Bitcoin and Ethereum.
XRP liquidity is rising
Kaiko also reported that XRP’s liquidity is increasing. The increase in XRP market depth also started after the court decision in the Ripple/SEC case in July. According to data, XRP had an average monthly depth of $8 million before the decision. But that figure has since risen to $12 million in early September.
Despite the improvement in XRP’s market activity, the altcoin lost most of its gains in July. The price of XRP rose as high as $0.938 in mid-July. However, XRP is currently trading at $0.515. However, according to some analysts, XRP seems to continue its rally.
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