The native token of Ripple – XRP – has topped another recent ranking by becoming the most traded alternative coin on US-available cryptocurrency exchanges this year.
The asset and its surrounding developments have been among the trendiest topics in the crypto community lately, possibly playing a role in the increased trading volume.
According to Kaiko’s analyst Dessislava Ianeva, cumulative trade volume in 2023 involving XRP has soared to $30 billion. It is worth mentioning that the research covers only transactions conducted on US-based crypto exchanges.
Cumulative trade volume generated from operations with Solana (SOL) ranked second, while Litecoin (LTC) is third.
The popular memecoin Dogecoin (DOGE) was placed fourth, accounting for less than $20 billion of cumulative trade volume. Its most notable rival, Shiba Inu (SHIB), is seventh, making up transactions worth roughly $10 billion (between the start of 2023 and now).
The asset’s price exploded in mid-July when a US court ruled in favor of Ripple in its lawsuit against the US Securities and Exchange Commission. Recall that XRP spiked from approximately $0.47 to over $0.80 in a matter of a few days.
Despite giving Ripple the upper hand, the court ruling was only a partial victory, and America’s securities regulator used the opportunity to formally appeal the decision. As a result, XRP has retraced to its pre-July levels.
However, some believe that the crypto firm will manage to bring the legal battle to a decisive win, which could potentially prompt another price increase for the coin. One person who believes in such an outcome is the popular trader, going by the name KALEO on X (Twitter).
CryptoPotato has also released a dedicated video on XRP, analyzing how the asset might perform during the next bull run. Those who wish to learn more can click on the clip below: