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XRP is the native token of the Ripple network Allegedly Bitcoin was overtaken in trading volume on a weekly average. Following a significant legal victory last week, the digital asset now claimed 21% of all crypto trading volume last week. This achievement is just one of many that has been in the headlines for Ripple recently.
Ripple’s presence in the news is due to a recent historical event Court’s decision in favor of it. United States Securities and Exchange Commission (SEC) did in the beginning took legal action against the firm, accusing it of selling unregistered securities.
however, A federal judge in New York recently declared that XRP is a security only when sold directly to institutional investors under specific written contracts. And when the token was sold to retail investors on crypto exchanges, it is not considered a security.
The decision led to the re-listing of XRP on major cryptocurrency exchanges, which led to an increase in demand and trading volume.
wave in the market
Last week’s court ruling catalyzed a rally for XRP, as it saw its price rise by nearly 65%. Following the victory in court, the relisting on various platforms generated significant interest in the token and trading volumes reached new highs.
#XRP has crossed #B T c As the asset with the highest volume 👀
Since last week’s court ruling, 21% of all crypto trading volume has been for XRP. pic.twitter.com/OLdTQrk1kO
— Kaiko (@KaikoData) 17 July 2023
However, it is worth noting that XRP experienced a 20% drop in value after reaching its recent peak. Nevertheless, this has not affected the market sentiment for XRP. The recent increase in weekly trading volume highlights the increased interest and activity around the coin.
In the last 7 days, both the market cap and the price of XRP have seen an increase of 59.4%. XRP market capitalization has grown from a low of $25 billion at the beginning of last week to over $39 billion today.
Moreover, the price of the asset has also risen from the low of $0.47 at the beginning of last week to above the mark of $0.74 at the time of writing. The current value of the token translates to an increase of around 3% for the digital asset over the past 24 hours.
bitcoin stumbles
On the other hand, it appears that bitcoin has faced a major hurdle. Despite several attempts, bitcoin is struggling to cross the $30,000 mark. While bitcoin remains the dominant player in the cryptocurrency market, XRP’s recent surge in weekly trading volume has momentarily eclipsed bitcoin’s long-standing volume dominance.
In the last 24 hours, bitcoin has crossed the $30,000 mark and slipped even lower. Notably, the largest asset by market capitalization is currently trading at a 24-hour high of $30,290 and a 24-hour low of $29,792. This price action showed how the asset managed to break the $30,000 resistance area.
Meanwhile, in the last few days, BTC’s market cap has seen a drop of over $30 billion. The market capitalization of the asset has declined from $591 billion seen last Tuesday to a valuation of around $579 billion today.
Featured image from Unsplash, chart from TradingView
