• XRP’s trading volume has skyrocketed, surpassing market giant Bitcoin following a court ruling confirming its non-security status.
• XRP’s trading volume-to-market cap ratio is now more than double that of Bitcoin.
• XRP currently claims an impressive 21% of the crypto trade volume, edging out Bitcoin’s 20%.
XRP Surpasses Market Giant Bitcoin
A court ruling on XRP’s non-security status has sparked a surge in trading activity and enabled XRP’s trading volume-to-market cap ratio to reach more than double that of Bitcoin.
XRP Sets Stuning Record
Within 24 hours, XRP boasted an impressive $2.3 billion in trading volume while maintaining a formidable market cap of $40.4 billion. Meanwhile, Bitcoin recorded a much lower trading volume of $13.8 billion with a significantly larger market capitalization of $579 billion – resulting in a striking 5.6% trading volume-to-market cap ratio for XRP compared to Bitcoin’s 2.3%.
XRP Claims Impressive 21% Market Share
Market information provider Kaiko revealed that after the momentous court ruling, XRP claimed an impressive 21% share in the entire crypto trade volume – slightly edging past Bitcoin’s 20%.
Trading Near Local Top: Price Reversal Imminent?
High volume often reflects strong investor interest and confidence in the asset’s potential during a rally; however, if the amount were to decrease it could imply diminishing interest and the possibility for a selloff – especially considering that XRP is currently near its local top point. This suggests we may be approaching a tipping point for the token’s recent price journey.
Concluding Thoughts
The remarkable surge in activity surrounding Ripple’s cryptocurrency is certainly something to keep track of as it continues to outperform market giant BTC and claim an increasing stake within the crypto sector overall!