In an interesting development in the crypto market, Ripple’s XRP has reportedly surged past Bitcoin in terms of trading volume relative to market cap. This news follows a court ruling ruling that XRP is not a security, leading to an uptick in XRP trading.
The triumph of XRP over Bitcoin
Dirk Schepens, founder of the XRPL-based NFT project xSPECTAR, started a conversation on Twitter highlighting XRP’s booming trading volume. This claim was confirmed by none other than David Schwartz, Chief Technology Officer of Ripple.
According to Schwartz, XRP’s trading volume as a percentage of its market cap is now four times that of Bitcoin (BTC).
XRP trading activity has indeed been remarkable, with a trading volume of $3,574,053,006 and a market cap of $44,039,920,411 in the last 24 hours. In comparison, Bitcoin, with a much larger market cap of $584,497,409,360, registered a trading volume of $11,398,188,517. This results in a trading volume-to-market cap ratio of 8.12% for XRP, much higher than Bitcoin’s 1.95%.
Also Read: XRP Price Rises As Ripple Approaches IPO: Is $15 Or $35 In Sight?
XRP’s Outstanding Performance After Court Ruling
Market intelligence provider Kaiko bolstered XRP’s success story. According to Kaiko, after the influential court ruling, XRP accounted for 21% of the total crypto trading volume, slightly more than Bitcoin’s 20% and Ethereum’s 8%.
These figures do not exclusively represent 24-hour trading volumes across all markets; instead, they represent trading activity in the sports market since July 13. Bitcoin is still ahead of XRP in this regard.
South Korean Market Embraces XRP
There is a huge popularity of XRP on South Korean exchanges. The coin reportedly garnered at least $2.5 billion in trading volume following the US court’s ruling that XRP is not a security. Such approval from a major crypto market like South Korea has further increased the prominence of XRP.
Related: South Korea Introduces New Virtual Asset User Protection Act; Read about it here!
In addition, data from CryptoCompare indicates that XRP is approaching Bitcoin in terms of trading volume. While Bitcoin sees $1.95 billion in volume, XRP is hot on its heels with $1.57 billion in volume.
