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. The news was received positively by the market, leading to a significant increase in XRP’s price. 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 cryptocurrency 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 claimed that the altcoin qualified as a security. However, after the court ruling clarified that secondary sales of XRP did not constitute an investment contract, many exchanges relisted the altcoin. This move resulted in a massive 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 increased by 834% worldwide, while new users joining the XRP party skyrocketed by a remarkable 1,215%. These figures demonstrate a significant increase in interest from both existing and new investors.
Antoni Trenchev, CEO of Nexo, also weighed in on the situation. He acknowledged that XRP’s rise had influenced the market but cautioned that reaching its previous all-time highs would not be a straightforward path. Trenchev highlighted the potential for further upward movement if macro tailwinds favor the cryptocurrency industry, coupled with the approval of a Bitcoin ETF. He also noted that XRP has a dedicated following in the East, particularly in Korea, and that the recent court ruling has had an impact on other cryptocurrencies as well.
Overall, XRP’s status as the most traded altcoin of 2023 reflects the market’s confidence in the cryptocurrency following the recent court ruling. While challenges remain, such as reaching previous all-time highs, the positive momentum and dedicated following suggest a promising future for XRP and the broader crypto market.
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