XRP, the native token of Ripple, is one of the cryptocurrencies that has experienced the most significant growth since the company recorded a major victory in its legal battle against the U.S. Securities and Exchange Commission (SEC).
According to Kaiko, trading in XRP recently accounted for 21 percent of the total crypto trading volume, leaving Bitcoin in second place with 20 percent.
Ripple’s court victory acted as a catalyst for the cryptocurrency, which has risen by more than 55 percent in the last four days according to CoinGecko data.
At one point, XRP approached $1 and became the fourth largest cryptocurrency by market capitalization, which currently stands at over $38 billion. In comparison, that figure was approximately $25 billion before the court ruling.
A recent analysis presented by Kaiko showed that trading involving XRP represents 21 percent of the daily market share of the total cryptocurrency trading volume. Bitcoin took second place with 20 percent, while Ethereum accounted for 8 percent.
One of the reasons for this significant success could be the massive support coming from multiple crypto exchanges. Coinbase, Kraken, Crypto.com, and Bitstamp resumed trading services related to XRP just hours after Ripple’s victory.
Despite the positive trends, the digital asset data provider noted that the volume of XRP is ‘only’ at a ten-month high. The daily trading volume of XRP exceeded $15 billion several times in 2021 when the entire market was flourishing.
