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Ripple’s CTO: $XRP Trading Volume Represents Four Times Its Market Capitalization Compared to Bitcoin
In a significant occurrence within the cryptocurrency sector, the native token of the XRP Ledger, $XRP, has experienced a rise in trading volume, exceeding that of Bitcoin ($BTC). Ripple’s Chief Technology Officer, David Schwartz, disclosed that XRP’s trading volume as a fraction of its market capitalization is four times greater than that of Bitcoin.
This announcement emerged during a Twitter conversation with Dirk Schepens, the founder of xSPECTAR, a project leveraging the XRPL network for Non-Fungible Tokens (NFTs). Schepens noted that XRP had surpassed Bitcoin in terms of trading activity.
Indeed, market statistics validate that XRP now leads the cryptocurrency market in trading volume, representing an impressive 21% of the total market volume. This increase follows a price surge of over 60% within just one week.
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XRP’s trading volume saw a notable increase after a ruling from a New York federal judge stating that the XRP token “is not necessarily a security on its face” in the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC).
In the last 24-hour period, Bitcoin’s total volume is approximately $2.34 billion, while XRP’s total volume stands at $1.55 billion. However, Bitcoin’s market capitalization remains significantly larger, around $588 billion, in contrast to XRP’s market capitalization of $42 billion.
Several analysts have expressed optimistic views regarding XRP following the favorable ruling, with some forecasting a possible price increase to $6. Additionally, other analysts anticipate that XRP may face a temporary decline to about $0.65, but this could pave the way for a bullish rebound, potentially elevating its value to a peak of $0.90.
The recent change in XRP’s trading volume signifies increasing interest and engagement within the XRP community. As the legal proceedings with the SEC continue, investors and analysts are closely observing the cryptocurrency’s performance and market trends, eagerly anticipating potential price fluctuations and future developments.
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