XRP’s Trading Volume Surpasses Bitcoin
• XRP’s trading volume as a percentage of its market cap has reached two and a half times more than BTC’s.
• Following a court ruling that confirmed XRP’s status as a non-security, the token has recorded $2.3B trading volume within 24 hours with a formidable market cap of $40.4B.
• XRP now claims an impressive 21% of the entire crypto trade volume, slightly edging past Bitcoin’s 20%.
Court Ruling Sparks Surge in Trading Activity
Ripple’s XRP has recently outperformed Bitcoin (BTC) in terms of trading volume compared to its market capitalization. This development follows a significant court ruling that confirmed XRP’s status as a non-security, sparking remarkable surge in XRP trading activity.
XRP Records Impressive Trading Volume
XRP boasts an impressive trading volume of $2.3B within 24 hours while maintaining a formidable market cap of $40.4B; significantly larger than that of Bitcoin with its market cap being at $579B and recording only $13.8B in trading volume over the same period of time. As a result, this yields a striking trading volume-to-market cap ratio of 5.6% for XRP, far exceeding Bitcoin’s mere 2.3%. Market information provider Kaiko solidified XRP’s remarkable success story by revealing that after the momentous court ruling, it claimed an impressive 21% of the entire crypto trade volume, slightly edging past Bitcoin’s 20%.
Price Reversal Imminent?
High investor interest and confidence during rallies is often reflected in high volumes; however if these were to decrease it could imply diminishing interest which could lead to sell-off/price reversal scenarios taking place soon after – particularly since XRP is currently trading near its local top point suggesting we might be approaching such tipping point already.
Conclusion
In conclusion, Ripple’s XPP has seen remarkable success following its non-security status confirmation from the courts which has led to increased investor interest and confidence – reflected by high volumes – pushing it to record impressive figures surpassing those achieved by Bitcoin itself! However caution should be taken since price reversal scenarios are not out of question given current situation and price points being reached already!