XRP, the native token of the Ripple network, has it It said It surpassed Bitcoin in trading volume on the weekly average. The digital asset, after a big fiat win last week, now commands 21% of all cryptocurrency trading volume over the past week. This achievement is just one of many in Ripple’s recent journey into the spotlight.
Ripple’s recent presence in the news is due to a significant milestone Court decision in her favour. The US Securities and Exchange Commission (SEC) has starting Legal action was taken against the company, accusing it of selling unregistered securities.
but, A federal judge in New York recently declared that XRP is a security only when it is sold directly to institutional investors under specific written contracts. And when a token is sold to retail investors on cryptocurrency exchanges, it is not considered a security.
This ruling led major cryptocurrency exchanges to switch back to XRP, causing a subsequent surge in demand and trading volume.
ripple through the market
Last week’s court decision spurred XRP’s rally, as its price saw an approximate 65% increase. Reliance on various platforms, after the court victory, sparked huge interest in the token and pushed trading volumes to new heights.
#XRP has transcended #BTC As the origin of a larger size 👀
Since the court ruling last week, 21% of cryptocurrency trading volume has been for XRP. pic.twitter.com/OLdTQrk1kO
—Kaiko (KaikoData) July 17, 2023
However, it should be noted that XRP has seen a 20% drop in value after reaching its recent peak. However, this does not seem to have dampened market sentiment towards XRP. The recent spike in weekly trading volume highlights the increased interest and activity surrounding the token.
Over the past seven days, XRP has seen a 59.4% increase in market capitalization and price. XRP’s market capitalization has risen from a maximum low of $25 billion earlier last week to over $39 billion as of today.
In addition, the price of the asset also moved from a low of $0.47 earlier last week to trade above the $0.74 mark at the time of writing. The current value of the token translates to an increase of approximately 3% for the digital asset over the past 24 hours.
Bitcoin get stuck
On the other hand, bitcoin seems to have hit a stumbling block. Despite multiple attempts, Bitcoin struggled to cross the $30,000 mark. Although Bitcoin remains a major player in the cryptocurrency market, the recent surge in XRP’s weekly trading volume has temporarily overshadowed Bitcoin’s long-term dominance in terms of volume.
Over the past 24 hours, Bitcoin has surpassed and also dropped below $30,000. In particular, 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 showed how the asset thrived to break the $30,000 resistance.
Meanwhile, in the past few days, BTC’s market capitalization has seen a drop of more than $30 billion. The asset’s market capitalization has fallen from the $591 billion seen last Tuesday to a valuation of around $579 billion, as of today.
Featured image from Unsplash, chart from TradingView
