XRP has recently overtaken Bitcoin (BTC) as the cryptocurrency with the highest trading volume. This marks an unprecedented shift in market dynamics, due to a historic legal victory last week. Following the court verdict in its favor against the U.S. Securities and Exchange Commission (SEC), XRP has seen an impressive rally of 65% and now accounts for 21% of all cryptocurrency trade volume.
Despite its current success, XRP has lost about 20% of its value since reaching its peak. This could be attributed to the increasing demand and trading volume, which is likely a result of the court victory and relisting on various exchanges.
Bitcoin, the original cryptocurrency, has failed to break away from the $30,000 threshold. While Bitcoin remains a major player on the cryptocurrency market, the surge in XRP trading volume has overshadowed its dominance. The increase in XRP trading volume compared to Bitcoin’s is evidence of the impact of legal and regulatory decisions on cryptocurrency markets.
It is uncertain if this trend will continue. Factors such as market sentiment, regulatory developments and broader economic factors all play a role in determining trading volumes.