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News

Bitcoin Overthrown: XRP Takes Command, Claims 20% of Crypto Market

July 17, 2023 - Around 2 mins mins to read

Key Points:

  • XRP surpasses Bitcoin in trading volume: XRP, the “liberated” token, has become the highest volume asset in the crypto market, capturing 21% of all trade volume since last week’s court ruling.
  • ????Shockwaves in the industry: XRP’s triumph over Bitcoin and capture of a fifth of the multi-billion-dollar market in days after being recognized as a nonsecurity sent shockwaves in the industry.
  • Seismic shift in XRP trading: XRP’s surge may be attributed to prevailing low volatility in the market, as the BVOL value skyrocketed over 5% in the following days.
XRP made headlines recently as it overtook Bitcoin (BTC) to become the highest volume asset on the crypto market.
image 1136

This groundbreaking development is credited to the recent court ruling that declared XRP as a non-security, which sent shockwaves through the industry. According to a report by smart data portal Kaiko, XRP has been responsible for a staggering 21% of all crypto trade volume since the ruling.

XRP’s triumph over Bitcoin that is impressive, but the fact that it managed to capture a fifth of the multi-billion-dollar market within a matter of days. This unprecedented growth in trading volume is evident as almost two billion XRP tokens were traded on the Binance spot market within three hours of the announcement.

Bitcoin Overthrown XRP Takes Command Claims 20 of Crypto Market

Just a day before this monumental achievement, based on the same Kaiko data, that XRP had climbed to become the third largest digital asset by trading volume. This upward trend was fueled by investors’ anticipation that the lawsuit would soon be resolved, and their expectations proved accurate.

While some may attribute this seismic shift in XRP trading to the prevailing low volatility in the market at that time, it is important to note that the Bitcoin Volatility Index (BVOL), a benchmark of the crypto market, measured at a mere 14.78 on Thursday — comparable to levels seen in December, late April and June. Following the news of XRP’s surge, the BVOL value skyrocketed by more than 5% in the following days, a significant jump. All in all, it is an exciting time for XRP and the crypto market as a whole.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin Overthrown

Crypto market

XRP

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Bitcoin Overthrown: XRP Takes Command, Claims 20% of Crypto Market

Key Points:

  • XRP surpasses Bitcoin in trading volume: XRP, the “liberated” token, has become the highest volume asset in the crypto market, capturing 21% of all trade volume since last week’s court ruling.
  • ????Shockwaves in the industry: XRP’s triumph over Bitcoin and capture of a fifth of the multi-billion-dollar market in days after being recognized as a nonsecurity sent shockwaves in the industry.
  • Seismic shift in XRP trading: XRP’s surge may be attributed to prevailing low volatility in the market, as the BVOL value skyrocketed over 5% in the following days.
XRP made headlines recently as it overtook Bitcoin (BTC) to become the highest volume asset on the crypto market.
image 1136

This groundbreaking development is credited to the recent court ruling that declared XRP as a non-security, which sent shockwaves through the industry. According to a report by smart data portal Kaiko, XRP has been responsible for a staggering 21% of all crypto trade volume since the ruling.

XRP’s triumph over Bitcoin that is impressive, but the fact that it managed to capture a fifth of the multi-billion-dollar market within a matter of days. This unprecedented growth in trading volume is evident as almost two billion XRP tokens were traded on the Binance spot market within three hours of the announcement.

Bitcoin Overthrown XRP Takes Command Claims 20 of Crypto Market

Just a day before this monumental achievement, based on the same Kaiko data, that XRP had climbed to become the third largest digital asset by trading volume. This upward trend was fueled by investors’ anticipation that the lawsuit would soon be resolved, and their expectations proved accurate.

While some may attribute this seismic shift in XRP trading to the prevailing low volatility in the market at that time, it is important to note that the Bitcoin Volatility Index (BVOL), a benchmark of the crypto market, measured at a mere 14.78 on Thursday — comparable to levels seen in December, late April and June. Following the news of XRP’s surge, the BVOL value skyrocketed by more than 5% in the following days, a significant jump. All in all, it is an exciting time for XRP and the crypto market as a whole.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.