Ripple (XRP) Becomes Most Traded Altcoin of 2023: Experts Comment

Ripple’s XRP has been making headlines for several months now, with much of the excitement surrounding the case against the United States Securities and Exchange Commission.

Earlier in July, Judge Annalisa Torres Government The secondary sale of XRP does not constitute an investment contract. The news was widely perceived as positive and markets reacted quickly, with the cryptocurrency almost doubling in price.

And while the commission has more or less confirmed that there will be an appeal, it hasn’t discouraged traders, especially now that multiple exchanges have re-listed XRP.

XRP Becomes Most Traded Altcoin of 2023

Data from analytics resource Kaiko revealed XRP has taken the position of the most traded altcoin so far in 2023.

Behind it, despite many, is SOL, the popular meme coin DOGE, BNB, MATIC and others. It is highly likely that the increase in trading volume is directly a result of Ripple’s partial victory against the SEC following the recent court ruling.

Several major cryptocurrency exchanges delisted XRP in 2020 when the commission filed its lawsuit, essentially alleging that the altcoin met the criteria for security. However, once the court ruling came in and it was found that the secondary sale of XRP did not constitute an investment contract, most of them re-listed the altcoin, leading to a huge increase in trading volume and open interest.

The above was also clearly reflected in the comments of Max Sandy, Senior Product Manager, Ramp Networks. When Sandy was contacted last week for her opinion, she said:

It has been a bullish week for XRP. According to data from Ramp Network, the worldwide volume of XRP increased by an astonishing 1113% compared to the previous 90-day average. The worldwide ramp saw an 834% increase in the number of users buying XRP, while new users joining the XRP party saw a significant 1,215% increase, reflecting increased interest from both the old and the new guard.

The PM also noted that XRP has become the #1 most bought cryptocurrency in the UK on his platform.

What’s next for XRP? Nexo CEO Antoni Trenchev joins

crypto potato Also contacted Antony Trenchev for his thoughts. According to him, the growth of XRP has had an effect on the market, but he also admitted that it will not be that easy to reach its previous all-time high if we zoom out.

If you look at the past week, XRP has had a huge impact on the market. Zooming out the battle for previous all-time highs is not a straight line. Further momentum could be envisioned if macro tailwinds with bitcoin ETF approval work in the crypto’s favor. Trenchev said.

Indeed, many have pointed to BlackRock’s success rate in getting its ETF filings approved. That’s 575 to 1. That’s right, the asset management giant just rejected one of its filings.

Trenchev also noted that XRP formerly had a dedicated following, while the recent court ruling has had an impact on other cryptocurrencies as well.

XRP has dedicated followers in the East, especially in Korea. Meanwhile, in the West, the court’s decision has been taken as a sign that the SEC’s most punitive promoters have been reined in. Combined, these events have had a powerful impact not only on XRP, but other cryptos as well. If this is the start of crypto’s alt season, it would be fitting that XRP be the coin to lead the breakout.