XRP, the cryptocurrency associated with Ripple, has been making waves in the crypto market with its outstanding performance. In September, XRP recorded an average daily trading volume of $462 million, surpassing all the major altcoins by a significant margin. This data, shared by Kaiko, a crypto-focused digital media outlet, highlights the impressive trading volume of XRP compared to its competitors.
According to Kaiko’s data, XRP’s average daily trading volume was four times higher than the next largest altcoin, which was SOL with a volume of $128 million. This means that XRP outperformed the entire altcoin market by an astounding 360%. This domination in trading volume showcases the growing popularity and demand for XRP among cryptocurrency traders and investors.
There are several factors contributing to XRP’s tremendous trading volume. One key factor is its usability as an intermediary currency for cross-border transfers. XRP eliminates the need for traditional banking systems, allowing faster, cheaper, and safer transfers of funds between countries. This practical application has attracted significant attention and usage, driving up the trading volume of XRP.
In line with its goal of facilitating cross-border payments, Ripple partner SBI Group, one of Japan’s major financial services providers, joined forces with RippleNet on September 6th. This partnership aimed to enhance the efficiency of cross-border payments between Japan, Philippines, Indonesia, and Vietnam using XRP. The collaboration between SBI Group and Ripple further reinforces XRP’s role as a preferred choice for international money transfers, contributing to its high trading volume.
Another factor influencing XRP’s trading volume is the development in the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). On July 13th, the court ruled that XRP is not a security asset and that its sales in the secondary market cannot be classified as security sales. This ruling provided clarity and stability to the XRP ecosystem, attracting more traders and investors to the coin. The positive outcome of the lawsuit has likely contributed to the surge in XRP’s trading volume.
Interestingly, the SEC lawsuit against Ripple has unintentionally created a loyal community of XRP supporters. Following the lawsuit, many XRP enthusiasts rallied behind the cryptocurrency and showed unwavering support. This dedicated community has played a crucial role in boosting XRP’s trading volume, as they continue to advocate for its growth and adoption.
In conclusion, XRP’s exceptional trading volume of $462 million in September showcases its impressive market performance. The coin’s usability as an intermediary currency for cross-border transfers, partnerships with major financial institutions, and the positive outcome of the SEC lawsuit have all contributed to its dominance in the altcoin market. With a growing community of supporters and its innovative use cases, XRP is positioned to continue its upward trajectory in the cryptocurrency industry.
