XRP’s volume outpaces SOL, BNB: What does it mean for you?
- XRP experienced a significant surge in trading volume compared to other altcoins.
- Legal battles with the SEC and price fluctuations posed challenges for XRP’s future performance.
In recent weeks, while many cryptocurrencies experienced a slowdown in activity, some altcoins have stood out. One such cryptocurrency is Ripple [XRP], which has witnessed a surge in trading activity, raising questions about its future potential.
Read Ripple’s [XRP] Price Prediction 2023-2024
XRP’s trading volume on the rise
According to data from Kaiko, XRP has exhibited significantly strong trading activity. The number reached $462 million, a figure four times higher than the next largest altcoins, Solana [SOL] and Binance Coin [BNB], which reported trade volumes of $128 million and $121 million, respectively.
Analyzing the average share of sell volume for XRP, it was observed that exchanges Upbit and OKX had the most substantial selling pressure. Conversely, buying pressure was more prominent on Coinbase throughout the same period.
This trend could suggest that buying demand for XRP was largely driven by large traders in the United States, especially after a court ruling in July granted investors renewed access to the token.
Notably, XRP has also attracted the interest of whales. According to data from Whale Alert, a significant amount of XRP, equivalent to 29.7 million tokens (approximately $15.04 million), was transferred from an unknown wallet to Bitstamp.
This surge in whale interest indicated growing confidence in XRP’s future prospects.
— Whale Alert (@whale_alert) September 3, 2023
Despite the surge in trading volume, XRP’s price and volume have faced challenges. At the time of writing, XRP was trading at $0.506, and both its volume and price had declined notably over the past week.
These fluctuations raise questions about the sustainability of XRP’s recent trading activity.
Ripple’s regulatory battles
Ripple has been embroiled in legal battles with the U.S. Securities and Exchange Commission (SEC) for quite some time now. On 1 September, in a filing with the U.S. District Court for the Southern District of New York, Ripple’s legal team addressed the SEC’s request for an appeal.
Realistic or not, here’s XRP’s market cap in BTC’s terms
Notably, the former emphasized that the SEC’s grounds for an appeal largely rested on dissatisfaction with a previous judge’s decision.
Ripple’s legal team argued that the SEC had failed to meet the standard for a stay and called on the judge to deny any request for an appeal or stay. The ongoing regulatory scrutiny and legal battles added an element of uncertainty to XRP’s future trajectory.