XRP Outperforms Other Altcoins; Becomes Most Traded

XRP's AUM Products Sees Huge Spike in July; Here’s Why

Kaiko, a dependable source of market data for a number of networks, reports that XRP has surpassed all other altcoins in terms of volume traded for the year. This information was made public by the research company in a recent tweet that displayed the total transaction volume of altcoins on well-known centralized exchanges (CEXs).

In particular, the cumulative volume of XRP traded on CEXs so far in 2023 has reached the $150 billion threshold and is on its way to the $175 billion region, according to the graph published by the data provider, Kaiko. Kaiko asserted, “XRP is officially the top traded altcoin of 2023.”

Although XRP surpassed its nearest competitor by more than $50 billion, the graph also showed the impressive performance of other altcoins.  Next to XRP, Solana (SOL) had a cumulative trade volume of $100 billion. Other significant competitors kept their volume between $50 and $100 billion, including Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC). 

Related Reading: Ripple Sells 2.23B XRP in 2023: What Does It Mean for the XRP Community?

Renewed Interest in XRP

After a US judge ruled two weeks ago that Ripple did not breach any security laws by selling XRP on exchanges, interest in the cryptocurrency was once again piqued. Since then, as XRP’s price has continued to rise and the whole crypto market has benefited from its success, the cryptocurrency has remained in the spotlight of numerous headlines. 

It is important to note that the Kaiko statistic does not include trade volume for Stablecoins, Ethereum, or Bitcoin (BTC). Meanwhile, data from CoinMarketCap shows that the live XRP price today is $0.700317 with a 24-hour trading volume of $1,595,792,202. XRP is up 1.13% in the last 24 hours. 

XRP is up 1.13% in the last 24 hours. Source: CoinMarketCap

Remember that XRP was recently identified by reputable news source Reuters as the unexpected force driving the altcoin market. Prior to this, Kaiko disclosed that between June 17 and July 17, at least 21% of all cryptocurrency deals on exchanges used XRP. This amount exceeds what the venerable BTC brought in within the same time period by a significant margin. Ultimately, the crypto world is buzzing over XRP’s incredible achievement as the most popular altcoin traded in 2023 because its future is still bright in light of the recent regulatory clarity.

Read Also: Ripple: Whales Amass Over $74 Million XRP; Reaching 11 Weeks High

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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