Ripple (XRP) has been making news for months, with attention centred mostly on the lawsuits against the US Securities and Exchange Commission.
Earlier this month, Judge Analisa Torres ruled that secondary transactions of XRP do not constitute investment contracts. The news was widely seen as being positive and the markets reacted quickly, with the cryptocurrency nearly doubling in price.
Additionally, even though the Commission has essentially stated that there would be an appeal, traders don’t appear to be discouraged, especially in light of the fact that numerous exchanges have relisted XRP.
The Most Traded Altcoin in 2023 Is XRP
According to data from the analytics tool Kaiko, XRP is now the most traded altcoin in 2023.
SOL, the well-known meme coin DOGE, BNB, MATIC, and other coins trail behind it, though not by much. It is very possible that the increase in trading volume is a direct effect of Ripple’s partial victory over the SEC in the most recent court ruling.
Back in 2020, when the Commission initially filed its case, effectively stating that the altcoin fits its criteria of security, many of the most prominent cryptocurrency exchanges removed XRP from their listings. However, once the court judgement was issued, which determined that secondary sales of XRP did not constitute an investment contract, the majority of these exchanges re-listed the altcoin, resulting in a large increase in trading volume and open interest.
The comments of Max Sandy, senior product manager at Ramp Network, were also a clear reflection of the preceding. When questioned last week, Sandy responded as follows:
For XRP, it’s been a successful week. Ramp Network data show that XRP’s worldwide volume increased by an astounding 1113% when compared to the prior 90-day average. Users buying XRP through Ramp surged by 834% worldwide, while the number of new users joining the XRP party rocketed by an astounding 1,215%, indicating a rise in interest with both the old and new guards.
The PM also mentioned how XRP rose to become the UK’s most popular cryptocurrency for purchase on their site.
What Does the Future Hold for XRP?
The CEO of Nexo, Antoni Trenchev, has invested in cryptocurrency, according to a recent interview, he stated that the rise in XRP had an impact on the market, but he also admitted that, if we zoom out, it won’t be as easy to achieve its prior all-time highs.
If you go back over the last week, XRP has had an impact on the market. Zooming out, the race to surpass prior records won’t be a straight line. If macro tailwinds favour crypto along with the adoption of a Bitcoin ETF, further higher movement is possible. said Trenchev.
The success record of BlackRock in getting its ETF applications accepted has indeed been cited often. It’s 575 to 1. That’s true, the asset management powerhouse has only had one of its filings rejected.
Trenchev further mentioned that XRP enjoys a strong following in the East and that other cryptocurrencies have also been impacted by the latest court decision.
XRP enjoys a fervent following in the East, particularly in Korea. Meanwhile, in the West, the court decision has been interpreted as an indication that the SEC’s toughest enforcers have been constrained. Together, these incidents have had a significant impact on other cryptos in addition to XRP. If this is the start of crypto’s alt season, XRP could be the coin to lead the charge.