In a groundbreaking turn of events for the cryptocurrency market, XRP has asserted its dominance as the most traded altcoin of 2023, according to market data from Kaiko, a highly regarded source for crypto information across various networks. The research firm recently took to Twitter to reveal that XRP’s cumulative trade volume on prominent centralized exchanges (CEXs) has soared past the $150 billion mark and is now inching closer to the $175 billion territory.
Read Also: Prominent Developer Alleges Market Manipulation in Terra Classic (LUNC) – Community in Turmoil
$XRP is officially the top traded altcoin of 2023! $DOGE, $SOL, and $BNB are next in line. pic.twitter.com/gq3uFiGnWl
— Kaiko (@KaikoData) July 24, 2023
Kaiko’s graph showcased the remarkable performance of numerous altcoins, but it was XRP that stood out as the clear winner, outperforming its closest rival by an impressive margin of over $50 billion. Solana (SOL) secured the second spot after XRP, boasting a cumulative trade volume of $100 billion. Meanwhile, other notable contenders, including Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC), maintained a steady volume ranging between $50 to $100 billion.
The data from Kaiko specifically excluded the trade volume of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Stablecoins, making XRP’s achievement even more significant in the context of the altcoin market.
XRP’s resurgence in popularity can be attributed to a significant US court ruling that came two weeks ago, wherein Ripple, the company behind XRP, was declared to have violated no securities laws about selling XRP on exchanges. Following the favourable legal outcome, XRP has been at the centre of attention in various reports and media coverage. As a result, its price has experienced continuous appreciation, with the broader cryptocurrency market reaping benefits from its success.
Read Also: Binance Announces Listing of FDUSD, First Digital Labs’ USD-Backed Stablecoin
According to CoinMarketCap, one of the leading market tracking websites, XRP’s 24-hour trading volume now exceeds an impressive $1.6 billion, showcasing strong ongoing interest and activity in the altcoin.
Market experts and crypto enthusiasts are closely monitoring XRP’s trajectory in light of its newfound popularity and outstanding performance. With its cumulative trade volume on CEXs continuing to rise, XRP’s position as the top traded altcoin of 2023 seems firmly established.
As the cryptocurrency space evolves and attracts more mainstream attention, XRP’s success story stands as a testament to the dynamic nature of the market, where positive developments and legal clarity can significantly impact a digital asset’s fortunes. For now, all eyes are on XRP as it continues to solidify its position as a leading player in the ever-changing world of cryptocurrencies.