In a remarkable development within the cryptocurrency space, the native token of the XRP Ledger, $XRP, has witnessed a surge in trading volume, surpassing that of Bitcoin ($BTC). Ripple’s Chief Technology Officer, David Schwartz, revealed that XRP’s trading volume as a percentage of its market capitalization is four times that of Bitcoin.
This revelation came during a Twitter exchange with Dirk Schepens, the founder of xSPECTAR, a project utilizing the XRPL network for Non-Fungible Tokens (NFTs). Schepens pointed out that XRP had overtaken Bitcoin in terms of trading activity.
Indeed, market data confirms that XRP now leads the cryptocurrency space in trading volume, accounting for an impressive 21% of the market’s total volume. This surge comes on the back of a price explosion of over 60% within just one week.
XRP’s trading volume experienced a significant boost following a New York federal judge’s ruling that the XRP token “is not necessarily a security on its face” in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
As of the last 24-hour period, Bitcoin’s total volume stands at around $2.34 billion, while XRP’s total volume reaches $1.55 billion. However, Bitcoin’s market capitalization remains much larger, around $588 billion, compared to XRP’s market capitalization of $42 billion.
Various analysts have shown bullish sentiment towards XRP following the favorable ruling, with some predicting a potential price surge to $6. Additionally, other analysts believe that XRP may experience a temporary dip to approximately $0.65, but this could set the stage for a bullish comeback, potentially pushing its value to a high of $0.90.
The current shift in XRP’s trading volume indicates growing interest and activity within the XRP community. As the legal battle with the SEC progresses, investors and analysts closely monitor the cryptocurrency’s performance and market dynamics, eagerly awaiting potential price movements and future developments.
