Ripple’s XRP has emerged as the most traded altcoin of 2023, according to data from analytics resource Kaiko. This comes after a recent court ruling that secondary sales of XRP do not constitute investment contracts, which was perceived as positive news for the cryptocurrency. Despite the ongoing case against the United States Securities and Exchange Commission (SEC), traders have shown confidence in XRP, especially with the relisting of the altcoin on many exchanges.
The surge in trading volume can be attributed to Ripple’s partial win against the SEC. In 2020, several leading cryptocurrency exchanges delisted XRP following the SEC’s lawsuit, which alleged that the altcoin qualified as a security. However, after the court ruling clarified that secondary sales of XRP were not investment contracts, many exchanges relisted the cryptocurrency. This move led to a significant increase in trading volume and open interest.
Max Sandy, Senior Product Manager at Ramp Network, commented on the recent developments, stating that XRP had experienced a booming week. According to Ramp Network data, XRP’s worldwide volume surged by an astonishing 1113% compared to the previous 90-day average. The number of users buying XRP through Ramp also increased by 834% worldwide, while new users joining the XRP party skyrocketed by a remarkable 1,215%. These figures demonstrate a growing interest in XRP from both existing and new investors.
Antoni Trenchev, CEO at Nexo, also weighed in on the situation. He acknowledged that XRP’s increase has had a ripple effect on the market but cautioned that reaching its previous all-time highs won’t be a straightforward path. Trenchev mentioned the possibility of further upward movement for XRP if macro tailwinds favor the crypto market and if a Bitcoin ETF gets approved. He also highlighted XRP’s devoted following in the East and the impact of the recent court ruling on other cryptocurrencies.
Overall, XRP’s status as the most traded altcoin of 2023 reflects the resilience and growing confidence in the cryptocurrency. While challenges remain, such as the ongoing legal battle with the SEC and the need to surpass previous all-time highs, XRP’s recent performance has positioned it as a potential leader in the altcoin market. As the crypto industry continues to evolve, XRP’s progress will be closely watched by investors and enthusiasts alike.
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