XRP Surges to Dominance in Crypto Market After Landmark Court Ruling
In a stunning turn of events, XRP has emerged as the dominance in the cryptocurrency market, boasting an astounding 21% share of all trade volume. Renowned market data source Kaiko recently disclosed this remarkable development, revealing that XRP has outpaced even the iconic Bitcoin (BTC), securing the top spot as the highest-volume asset.
#XRP has surpassed #BTC as the highest volume asset 👀
Since last week's court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO
— Kaiko (@KaikoData) July 17, 2023
The surge in XRP’s trade volume was observed following a recent court ruling, which saw XRP commanding a significant share of the entire crypto trade volume.
The Market Share of Crypto Trade Volume chart provided by Kaiko shows XRP standing tall at 21%, narrowly edging past Bitcoin, which secured 20% of the market share. Ethereum (ETH) trailed behind at 8%, while altcoins collectively held the majority share, commanding an impressive 51% from June 17 to July 17.
The turning point for XRP came on July 13, when its trading volume crossed over $10 billion, coinciding with a landmark court ruling in favour of Ripple against the US regulator. The court’s decision confirmed XRP as a non-security, leading to an astounding 87% price pump within a three-hour window, as reported by market intelligence platform Santiment.
In the South Korean crypto community, XRP made an even more significant stride, amassing over $2.5 billion in 24-hour trading volume following the landmark ruling, as reported by Cryptolifedigital.
Santiment Says XRP dominance metrics to Lead to XRP Soar
Santiment, in its analysis, also highlighted XRP’s social dominance metrics, indicating that discussions related to XRP soared, accounting for 7.4% of all discussions among the top 100 market cap assets. This level of conversation related to XRP is the highest observed over the past three years. While Santiment believes that the current level of crowd recognition and fear of missing out (FOMO) will eventually subside, it also suggests that it may pave the way for a second pumping wave in the future.
Market analysts are closely monitoring the developments surrounding XRP, as its newfound dominance challenges the traditional hierarchy in the crypto market. Investors and enthusiasts are excited about the potential opportunities that may arise from XRP’s increased trade volume and rising popularity.
However, as with any major market shift, caution is advised, as the crypto market is known for its volatility. Traders and investors should conduct thorough research and consider various factors before making any significant moves in response to XRP’s recent surge.
In conclusion, XRP’s rise to dominance in the crypto market is a remarkable feat, driven by a combination of positive regulatory developments and increased investor interest. As the crypto space continues to evolve, the role of XRP as a leading asset is likely to be closely observed and analyzed by market participants worldwide.
Follow us on Twitter, Facebook, Telegram, and Google News.
Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
