XRP Now Accounts for 21% of All Crypto Trade Volume As Social Dominance Hints Upward Trend

XRP Now Accounts for 21% of All Crypto Trade Volume As Social Dominance Hints Upward Trend

Time Stamp: July 19, 2023 7:59 AM
Source Node: 2772129

XRP is now the dominant force in the crypto market, surpassing both Bitcoin and Ethereum in trade volume with high whale activity.

In an unusual turn of events, XRP has emerged as the dominant force in the crypto market, boasting an astounding 21% share of all trade volume. Kaiko, a renowned source of comprehensive market data, recently disclosed this remarkable development.

XRP Outpaced Bitcoin and Ethereum

According to Kaiko’s tweet, XRP has outpaced the iconic Bitcoin (BTC), capturing the top spot as the highest-volume asset. The surge in XRP’s trade volume was observed following the recent court ruling, which saw XRP commanding a significant share of the entire crypto trade volume.

The accompanying image provided a clear visual representation of the Market Share of Crypto Trade Volume. XRP stood tall at 21%, just edging past Bitcoin, which secured 20%, while Ethereum (ETH) trailed behind at 8%. Altcoins collectively held the majority share, commanding 51% from June 17 to July 17.

As The Crypto Basic reported, XRP trading volume crossed over $10 billion on July 13, the day the US court granted victory to Ripple against the US regulator. XRP also made a significant stride in the South Korean crypto community. Specifically, as The Crypto Basic reported, XRP amassed over $2.5 billion in 24-hour trading volume following the landmark ruling.

XRP Social Dominance Metrics Hints at a Bull Run

The crypto community reacted excitedly to the development as a Twitter user expressed confidence in XRP’s prospects, hinting at the possibility of the digital asset taking over additional market positions.

It is important to note that Santiment, a market intelligence platform, previously weighed in on the XRP surge, noting that the court ruling confirming XRP as a non-security resulted in an astounding 87% price pump within a three hours window.

Furthermore, Santiment spotlighted XRP social dominance metrics, indicating that discussions related to XRP soared, accounting for 7.4% of all discussions among the top 100 market cap assets. 

The intelligence firm noted that this is the highest level of conversation related to XRP over the past three years. It added that this level of crowd recognition and fear of missing out (FOMO) will subside eventually. However, it may also pave the way for a second pumping wave.

Santiment also revealed that large whale transactions on the XRP network had reached their highest level this year. It also attributed the surge in XRP to over 600 investors carrying out transactions worth above $100k.

The intelligence firm highlighted the context of these trades, noting that whales and sharks increasing their holdings suggests that this may be the beginning of a substantial upward trend.

As The Crypto Basic reported today, the XRP rally is just starting, with XRP seeing about two million trades per minute globally. Meanwhile, XRP trades at $0.7853, with crypto traders buying and selling over $3.3 billion in the last 24 hours.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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