- XRP’s trading volume in August reached $462.8 million, outpacing other top altcoins.
- Upbit and OKX saw substantial XRP sell-offs, with Upbit experiencing a 55% sell order share.
- Increased XRP trading volume followed Ripple’s mid-July court victory, but legal uncertainty with the SEC may drive sell-offs on select exchanges.
XRP has proven its mettle by surging ahead of the pack despite facing significant selling pressure on certain exchanges. Recent data from blockchain analytics firm Kaiko reveals that XRP’s average daily trading volume soared to an impressive $462.8 million in August, outshining other leading altcoins such as Solana (SOL), Binance Coin (BNB), Cardano (ADA), and Litecoin (LTC).
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This remarkable achievement firmly establishes XRP as a force to be reckoned with in the crypto market, a testament to its resilience and enduring popularity.
However, this success story isn’t without its challenges. Notably, exchanges like Upbit and OKX have witnessed substantial sell-offs of XRP, with Upbit recording a staggering 55% sell-order share and OKX following closely with 54%. Surprisingly, despite the heavy selling pressure, platforms like Binance and Coinbase have seen a surge in XRP purchases, with Coinbase leading the way in buying pressure.
The divergence in XRP’s performance on different exchanges can be attributed to the lingering legal uncertainty surrounding Ripple’s ongoing battle with the US Securities and Exchange Commission (SEC). While the crypto community celebrated Ripple’s partial court victory in mid-July, the SEC’s plans to appeal the decision have injected uncertainty into the market.
Kaiko’s research highlights increased buying pressure on Coinbase, suggesting that U.S. investors are re-engaging with XRP after the July court ruling.
Ultimately, despite the roller-coaster ride of XRP’s recent trading activity, it remains the sixth most traded altcoin in the United States and a clear leader on international exchanges.
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