XRP, the native token of the Ripple network, has Reportedly surpassed Bitcoin in trading volume on the weekly average. The digital asset, after a significant legal victory last week, now claims 21% of all cryptocurrency trading volumes over the past week. This achievement is just one of many in Ripple’s recent journey into the spotlight.
Ripple’s presence in the news lately is due to a milestone court decision in his advantage. The US Securities and Exchange Commission (SEC) has done so initial legal action against the company, accusing it of selling unregistered securities.
However, a New York federal judge recently ruled that XRP is only a security when sold directly to institutional investors under specific written contracts. And when the token was sold to retail investors on crypto exchanges, it is not considered a security.
This verdict led major cryptocurrency exchanges to offer XRP again, causing a subsequent surge in demand and trading volume.
Ripple through the market
Last week’s court ruling sparked a rally for XRP as the price surged around 65%. The re-listing on various platforms, following the court victory, sparked significant interest in the token and pushed trading volumes to new heights.
#XRP has surpassed #BTC as assets with the highest volume 👀
Since last week’s court ruling, 21% of all crypto trading volume is for XRP. pic.twitter.com/OLDTQrk1kO
— Kaiko (@KaikoData) July 17, 2023
However, it is worth noting that XRP has experienced a 20% drop in value after reaching its recent peak. Still, this doesn’t seem to have dampened market sentiment for XRP. The recent spike in weekly trading volume highlights the increased interest and activity around the token.
Over the past 7 days, XRP has seen a 59.4% increase in both market cap and price. XRP market cap has risen from a low of $25 billion earlier last week to over $39 billion as of today.
Additionally, the asset’s price has also moved from just $0.47 earlier last week to trading above $0.74 at the time of writing. The current value of the token translates to a nearly 3% increase for the digital asset over the past 24 hours.
Bitcoins stumble
Bitcoin, on the other hand, seems to have hit a stumbling block. Despite multiple attempts, Bitcoin has struggled to cross the $30,000 mark. While Bitcoin remains a leading player in the cryptocurrency market, XRP’s recent surge in weekly trading volume has temporarily eclipsed Bitcoin’s long-standing volume dominance.
In the past 24 hours, Bitcoin has surpassed the $30,000 mark and also dropped below the $30,000 mark. Notably, the largest asset by market capitalization currently has a 24-hour high of $30,290 and a 24-hour low of $29,792. This price action has shown how the asset has thrived to break above the $30,000 resistance.
Meanwhile, the past few days, BTC’s market cap has fallen by more than $30 billion. The asset’s market cap is down from $591 billion last Tuesday to a valuation of about $579 billion today.
Featured image of Unsplash, chart from TradingView
