According to reports, the cryptocurrency with the biggest trading volume is now XRP token rather than Bitcoin. After a landmark judicial victory last week, XRP has taken control of 21% of the total volume of cryptocurrency trades. Given that Bitcoin has historically dominated the market in terms of trade volume, this represents a significant change in market dynamics.
A landmark court decision in Ripple’s favour against the U.S. Securities and Exchange Commission (SEC) has lately put the company in the spotlight. Following this decision, XRP was once again listed on significant cryptocurrency exchanges, which resulted in an increase in demand and trading volume. The price of the XRP cryptocurrency has increased by almost 65%, which is a tremendous surge.
It is important to remember that since achieving its most recent peak, the value of XRP has decreased by around 20%. The general momentum for XRP is still strong despite this flaw. The rise in trading volume points to more interest in and activity surrounding the coin, which is probably being stoked by the court decision and platform relistings.
Bitcoin, the first cryptocurrency and historically the most traded digital asset, appears to have halted in the meanwhile. Despite several tries, Bitcoin has been unable to surpass the $30,000 barrier. Although Bitcoin continues to be a major participant in the cryptocurrency industry, its supremacy has briefly been obscured by the spike in XRP trading volume.
The rise in XRP trading volume above Bitcoin’s is a glaring example of how legal and regulatory choices have an effect on the cryptocurrency markets. It emphasises the possible instability and quick changes that may follow such occurrences.
Although XRP briefly outperformed Bitcoin due to the recent increase in trading volume, it is still unclear whether this trend will persist. Trading volumes are affected by a variety of factors, including market mood, regulatory changes, and general economic considerations.
