In an interesting development in the crypto market, Ripple’s XRP has reportedly surged past Bitcoin in terms of trading volume relative to market cap. This news follows a court ruling ruling that XRP is not a security, leading to an uptick in XRP trading.
The triumph of XRP over Bitcoin
Dirk Schepens, founder of the XRPL-based NFT project xSPECTAR, started a conversation on Twitter highlighting XRP’s booming trading volume. This claim was confirmed by none other than David Schwartz, Chief Technology Officer of Ripple. According to Schwartz, XRP’s trading volume as a percentage of its market cap is now four times that of Bitcoin.
XRP trading activity has indeed been remarkable, with a trading volume of $3,574,053,006 and a market cap of $44,039,920,411 in the last 24 hours. In comparison, Bitcoin, with a much larger market cap of $584,497,409,360, registered a trading volume of $11,398,188,517. This results in a trading volume-to-market cap ratio of 8.12% for XRP, much higher than Bitcoin’s 1.95%.
XRP’s Outstanding Performance After Court Ruling
Market intelligence provider Kaiko bolstered XRP’s success story. According to Kaiko, after the influential court ruling, XRP accounted for 21% of the total crypto trading volume, slightly more than Bitcoin’s 20% and Ethereum’s 8%.
These figures do not exclusively represent 24-hour trading volumes across all markets; instead, they represent trading activity in the sports market since July 13. Bitcoin is still ahead of XRP in this regard.
Read also – XRP is once again facing a centralized problem as the Ripple Regulatory threat recedes
South Korean Market Embraces XRP
There is a huge popularity of XRP on South Korean exchanges. The coin reportedly garnered at least $2.5 billion in trading volume following the US court’s ruling that XRP is not a security. Such approval from a major crypto market like South Korea has further increased the prominence of XRP.
In addition, data from CryptoCompare indicates that XRP is approaching Bitcoin in terms of trading volume. While Bitcoin sees $1.95 billion in volume, XRP is hot on its heels with $1.57 billion in volume.