XRP, the native token of the Ripple network, has reportedly surpassed Bitcoin in trading volume on the weekly average. The digital asset, following a significant legal win last week, now claims 21% of all cryptocurrency trade volume over the last week. This achievement is just one of many in Ripple’s recent journey in the spotlight.
Ripple’s presence in the news lately owes to a landmark court decision in its favor. The United States Securities and Exchange Commission (SEC) had initially taken legal action against the firm, accusing it of selling unregistered securities.
However, a federal judge in New York has recently declared that XRP is only 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 deemed a security.
This verdict led to major cryptocurrency exchanges relisting XRP, causing a subsequent surge in demand and trading volume.
Ripple Through The Market
Last week’s court decision catalyzed a rally for XRP, as its price experienced an approximate 65% increase. The relisting on various platforms, following the victory in court, ignited significant interest in the token and pushed trading volumes to new heights.
#XRP has surpassed #BTC as the highest volume asset 👀
Since last week’s court ruling, 21% of all crypto trade volume has been 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. Yet, this has not seemed to have put a damper on the market sentiment for XRP. The recent spike in weekly trading volume highlights the increased interest and activity surrounding the token.
Over the past 7 days, XRP has seen a surge of 59.4% in both its market cap and price. XRP market capitalization has spiked from a cap low of $25 billion earlier last week to as high as over $39 billion as of today.
In addition, the asset’s price has also moved from as low as $0.47 earlier last week to trade above the $0.74 mark at the time of writing. The token’s present value translates to an increase of nearly 3% for the digital asset in the past 24 hours.
Bitcoin’s Stumble
Bitcoin, on the other hand, appears to have hit a stumbling block. Despite multiple attempts, Bitcoin has struggled to push past the $30,000 mark. Although Bitcoin remains a leading actor in the cryptocurrency market, XRP’s recent surge in weekly trading volume has momentarily eclipsed Bitcoin’s longstanding volume dominance.
Over the past 24 hours, Bitcoin has surpassed and also slipped below the $30,000 mark. Particularly, 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, in the past few days, BTC’s market cap has seen a decline of over $30 billion. The asset’s market cap has plunged from $591 billion seen last Tuesday to a valuation of approximately $579 billion, as of today.
Featured image from Unsplash, Chart from TradingView