Despite questionable pricing behaviour, XRP was in the news throughout the entirety of August 2023. With a “apathetic” late Q3, 2023, it stands out due to one important trade volume measure.
XRP becomes most traded altcoin, closest competitor surpassed by 4x
In August 2023, XRP, the fifth-largest cryptocurrency, overtakes all other cryptocurrencies in trade volume. The average daily trade volume over the past 30 days has exceeded $462 million in equivalent. This statistic is valued at $128 million by Solana (SOL), the company it competes with most closely. On-chain market data tracker Kaiko made these estimates public.
The most popular currencies among traders in August of last year are also included, including Litecoin (LTC), Dogecoin (DOGE), and Binance Coin (BNB). In the past 30 days, the average trading volume for Polygon (MATIC), Cardano (ADA), Tron (TRX), and Polkadot (DOT) reached eight figures.
As previously reported by U.Today, on August 13, 2023, XRP had a startling $3 billion volume rise, which curiously did not coincide with an increase in price volatility.
This peculiar action was ascribed by analysts to potential “sideways trading,” value transfer between two whales, or other factors.
Additionally, on September 2, 2023, the XRP Ledger recorded the highest net volume on-chain transactions. 4.8 billion XRP coins were transferred between on-chain accounts by unidentified whales.
XRP fails to protect its post-ruling gains from bears
All of these milestones, however, were unable to stop the XRP price from losing all of its gains related to Ripple’s legal triumph over the U.S. SEC.
When the court’s decision was made public on July 13, 2023, the price of XRP increased by more than 70%. It shot up from $0.47 to nearly $0.82 in a matter of seconds, revisiting an 18-month high.
According to Kaiko, it even temporarily outperformed Bitcoin (BTC) in terms of trade volume. 21% of the total trading volume in the cryptocurrency market was driven by XRP.
It managed to maintain a high level for almost a week before starting to fall quickly. By the time of publication, it had exhausted all of the pump’s energy and had returned to mid-July values below $0.50.
