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 comes following a court ruling that determined XRP is not a security, leading to an upswing in XRP trading.
The Triumph of XRP Over Bitcoin
Dirk Schepens, founder of XRPL-based NFT project xSPECTAR, initiated a conversation on Twitter, highlighting XRP’s blossoming trading volume. This assertion received validation from none other than David Schwartz, Ripple’s Chief Technology Officer.
According to Schwartz, the trading volume of XRP as a percentage of its market cap is now quadruple that of Bitcoin (BTC).
XRP’s trading activity has indeed been remarkable, showing 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, recorded a trading volume of $11,398,188,517. This results in a trading volume-to-market cap ratio of 8.12% for XRP, far higher than Bitcoin’s 1.95%.
Also Read: XRP Price Surges as Ripple Nears IPO: Is $15 or $35 in Sight?
XRP’s Stellar Performance Following Court Ruling
Market information provider, Kaiko, reinforced XRP’s success story. According to Kaiko, post the influential court ruling, XRP accounted for 21% of all crypto trade volume, marginally surpassing Bitcoin’s 20% and dwarfing Ethereum’s 8%.
These figures don’t exclusively represent 24-hour trade volumes across all markets; instead, they represent the sport market trading activity since July 13. On this front, Bitcoin is still ahead of XRP.
South Korean Market Embraces XRP
There is a surge in XRP’s popularity in South Korean exchanges. The coin reportedly raked in at least $2.5 billion in trading volume after the US court’s ruling that XRP is not a security. Such endorsement from a significant crypto market like South Korea has further boosted XRP’s prominence.
Related: South Korea Introduces New Virtual Asset User Protection Act; Read About It Here!
Moreover, data from CryptoCompare indicates that XRP is closing in on Bitcoin regarding trade volume. While Bitcoin sees $1.95 billion in volume, XRP is hot on its heels with a volume of $1.57 billion.
