XRP Trading Volume Surges: Bithumb Competes with Coinbase

XRP Price Analysis: Temporary Dip in XRP Price Fails to Dampen Investor Optimism

XRP, the digital asset renowned for its resilience, has experienced a substantial surge in its 24-hour trading volume, surpassing an impressive $1.03 billion. This surge catapults XRP to the position of the second most traded altcoin in the crypto market. According to data from CoinMarketCap, this notable achievement is marked by a staggering 68.97% increase from the previous day’s trading volume.

XRP’s Steadfast Ascent Above $0.5

As the crypto community enthusiastically engages in XRP trading, the digital asset strives to maintain its position above the $0.5 mark. With this surge in trading volume, XRP has surged to $0.5101, displaying a commendable seven-day cumulative performance exceeding 8%.

In this remarkable surge, Ripple emerges as a serious contender, standing just behind the crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). This places Ripple(XRP) as the third highest trading volume cryptocurrency, excluding stablecoins. Impressively, XRP’s trading volume surpasses Binance Coin (BNB) by more than double, with a remarkable percentage gap of 140.14%.

Read Also: Pro-XRP Lawyer Raises Concerns Over XRP vs. SEC Court Ruling and (DFS) Recent Updates

Ripple’s Dominance on Exchanges

Examining Ripple’s trading volume on major exchanges unveils fascinating insights. Binance, the largest crypto exchange globally, accounted for a substantial portion of XRP’s trading volume, with users exchanging over 315 million XRP in the past 24 hours, amounting to approximately $160 million in trades.

Coinbase, a notable competitor to Binance in the exchange arena, witnessed a fraction of XRP’s trading volume, with users trading approximately 50 million XRP, equivalent to $24,273,729.

Korean Exchanges Shine in XRP Volume

Notably, XRP displayed remarkable dominance on Korean exchanges, surpassing its performance on U.S.-based Coinbase. Bithumb, a Korean exchange, stood shoulder to shoulder with Binance in Ripple trading volume, recording a substantial $29,792,157 in Ripple trades. Intriguingly, this figure even outpaced the volume of Bitcoin traded on Bithumb by at least $3.3 million.

Similarly, Ripple emerged as the most traded asset on the South Korean exchange, Korbit. Other Korean trading platforms, including Upbit and Coinone, also witnessed significant volume surges for XRP.

This surge in XRP’s trading volume is not a new phenomenon, as evidenced by the astounding $2 billion volume witnessed on the Upbit exchange in July, sparked by the excitement following a courtroom victory earlier that month.

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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