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The native token of Ripple – XRP – has achieved another milestone by becoming the most actively traded alternative coin on cryptocurrency exchanges available in the US this year.
The asset and its related developments have emerged as some of the most discussed subjects in the crypto community recently, likely contributing to the heightened trading volume.
Surpassing DOGE and SHIB
As per Kaiko’s analyst Dessislava Ianeva, the total trade volume for XRP in 2023 has surged to $30 billion. It is important to note that this research only includes transactions executed on US-based cryptocurrency exchanges.
The total trade volume from activities involving Solana (SOL) secured the second position, while Litecoin (LTC) came in third.
The well-known memecoin Dogecoin (DOGE) was ranked fourth, with a cumulative trade volume of less than $20 billion. Its main competitor, Shiba Inu (SHIB), is positioned seventh, accounting for transactions valued at approximately $10 billion (from the beginning of 2023 to the present).
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Summary of XRP’s Fluctuating Journey
The asset’s price surged in mid-July following a US court’s favorable ruling for Ripple in its case against the US Securities and Exchange Commission. It is noteworthy that XRP jumped from around $0.47 to over $0.80 within just a few days.
Although the court ruling provided Ripple with a significant advantage, it was merely a partial victory, and the US securities regulator took the opportunity to formally appeal the ruling. Consequently, XRP has retraced to its levels prior to July.
Nonetheless, some individuals believe that the crypto company will ultimately secure a decisive victory in the legal dispute, which could lead to another increase in the coin’s price. One such individual is the well-known trader known as KALEO on X (Twitter).
CryptoPotato has also published a dedicated video on XRP, examining how the asset may perform during the upcoming bull market. Those interested in further details can click on the video below:
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