XRP’s volume outpaces SOL, BNB: What does it mean for you?

XRP’s volume outpaces SOL, BNB: What does it mean for you?

September 5, 2023

By Himalay Patel

Read Ripple’s [XRP] Price Prediction 2023-2024

XRP experienced a significant surge in trading volume compared to other altcoins.

Legal battles with the SEC and price fluctuations posed challenges for XRP’s future performance.

In recent weeks, while many cryptocurrencies experienced a slowdown in activity, some altcoins have stood out. One such cryptocurrency is Ripple [XRP], which has witnessed a surge in trading activity, raising questions about its future potential.

XRP’s trading volume on the rise

According to data from Kaiko, XRP has exhibited significantly strong trading activity. The number reached $462 million, a figure four times higher than the next largest altcoins, Solana [SOL] and Binance Coin [BNB], which reported trade volumes of $128 million and $121 million, respectively.

Analyzing the average share of sell volume for XRP, it was observed that exchanges Upbit and OKX had the most substantial selling pressure. Conversely, buying pressure was more prominent on Coinbase throughout the same period.

This trend could suggest that buying demand for XRP was largely driven by large traders in the United States, especially after a court ruling in July granted investors renewed access to the token.

Notably, XRP has also attracted the interest of whales. According to data from Whale Alert, a significant amount of XRP, equivalent to 29.7 million tokens (approximately $15.04 million), was transferred from an unknown wallet to Bitstamp.