XRP Takes The Throne As The Most Traded Altcoin On US Crypto Exchanges – NewsTo
XRP Takes The Throne As The Most Traded Altcoin On US Crypto Exchanges

XRP Takes The Throne As The Most Traded Altcoin On US Crypto Exchanges

Key Pointers for the Article:

  • Emphasize the remarkable rise of XRP as the most traded altcoin on US cryptocurrency exchanges in 2023, highlighting the staggering cumulative trade volume.
  • Provide insights into the legal battles that have influenced XRP’s price movements, including the mid-July spike and the ongoing legal saga with the US Securities and Exchange Commission (SEC).

In a dramatic twist on the cryptocurrency stage, Ripple’s native token, XRP, has claimed the spotlight as the reigning monarch of the most traded alternative coins on US-based cryptocurrency exchanges since the dawn of 2023. This remarkable ascent to the top has not only turned heads but also triggered a flurry of discussions within the crypto community.

A Shift in the Altcoin Hierarchy

The surge in XRP’s popularity has marked a significant shift in the hierarchy of altcoins. Its dominance in trading volume has been a focal point for cryptocurrency enthusiasts and investors alike. As the figures suggest, XRP has notched up a staggering $30 billion in cumulative trade volume in 2023, a testament to its newfound prominence. Notably, this data is confined to transactions conducted exclusively on US-based crypto exchanges.

XRP Takes The Throne As The Most Traded Altcoin on US Crypto Exchanges

Solana and Litecoin Follow Suit

While XRP enjoys its reign at the helm, other contenders in the altcoin arena have jockeyed for position. Solana (SOL), a rising star in the crypto constellation, claimed the second spot in terms of cumulative trade volume. Litecoin (LTC), another veteran in the cryptocurrency realm, secured a respectable third place. The fan-favourite meme coin, Dogecoin (DOGE), landed in fourth place with a cumulative trade volume just shy of $20 billion.

In a surprising twist, Shiba Inu (SHIB), often considered a strong competitor to DOGE, found itself in seventh place, contributing approximately $10 billion in transactions between the beginning of 2023 and the present.

XRP’s Price Surge and Ongoing Battle

To understand the meteoric rise of XRP, one must revisit its recent history. The token embarked on a roller-coaster journey, with its most exhilarating moment occurring in mid-July. A US court ruling in favour of Ripple in its legal battle against the US Securities and Exchange Commission sent shockwaves through the crypto world. XRP catapulted from around $0.47 to soar beyond $0.80 in a mere matter of days.

However, this legal victory was not without its complexities. The court ruling, while a significant win for Ripple, was only a partial triumph. The US securities regulator seized the opportunity to formally appeal the decision, resulting in XRP retracing to its pre-July levels.

Despite the setbacks, optimism lingers in the crypto sphere. Many believe that Ripple could ultimately emerge victorious in its legal battle, potentially paving the way for another surge in XRP’s value. Among the believers is a prominent trader known as KALEO on Twitter.

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