XRP Surpasses SOL, Doge, ADA, and SHIB to Become the Most Traded Altcoin in the United States

XRP

The July verdict that declared XRP a registered security provided a significant boost for the altcoin. Following this ruling, XRP’s daily trading volume in the U.S. surged past that of other altcoins.

Despite being blacklisted on many crypto exchanges in the U.S. until mid-July, XRP is now the most traded altcoin. Data from Kaiko shows that the trading volume of XRP in the U.S. this year is approaching $30 billion in just nine months.

Solana took the second position with a combined trading volume of roughly $27 billion in the past nine months. Litecoin, Dogecoin, Cardano (ADA), Shiba Inu (SHIB), and MATIC also ranked among the top five. It’s important to note that this cumulative trade volume measurement doesn’t consider Bitcoin, Ethereum, or stablecoins.

Kaiko pointed out that significant interest in purchasing XRP stemmed from large U.S. traders eager to regain access to this altcoin following the July court ruling, which deemed XRP non-security. After this legal decision, major U.S. exchanges like Coinbase, Gemini, and Kraken swiftly relisted XRP.

XRP Surpasses Top Altcoins in the Global Market

XRP’s growth has had an impact on all markets, not just in the United States. Kaiko’s data reveals that in August, XRP had an average daily trading volume of $462.8 million.

This amount is 3.6 times higher than the second altcoin, Solana, on the list. In August, Solana had a total of $128.4 million in trading across all exchanges. BNB took the third spot in August with $121.8 million, and Dogecoin came after with $113.2 million.

In the initial week after the ruling, XRP’s trading volume performed better than Bitcoin and Ethereum. Furthermore, in September, the daily trading volume for XRP is on the rise, averaging over $1 billion this week. This places XRP as one of the most actively traded cryptocurrencies, just behind Bitcoin and Ethereum.

XRP Liquidity Increases

Kaiko’s report shows that XRP’s liquidity is growing. This increase in XRP’s market depth began shortly after the July court ruling in the Ripple/SEC case.

Before the ruling, the data indicated that XRP had about $8 million in trading activity per month. However, after the ruling, this amount increased to $12 million in early September.

Although XRP’s market activity has improved, the altcoin has surrendered most of its July gains. It reached a peak of $0.938 in mid-July, but is now trading at $0.5137. However, there are signs suggesting that XRP could potentially resume its upward trend.

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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