In a seismic Shift within the cryptocurrency space, the native token of the XRP Ledger, $XRP, has seen its trading volume skyrocket to surpass that of the flagship cryptocurrency Bitcoin ($BTC), with Ripple’s Chief Technology Officer, David Schwartz, saying that XRP’s volume as a percentage of market ccapitalization quadruples that of BTC.
Schwartz’s words came during a Twitter exchange where Dirk Schepens, founder of xSPECTAR, a project leveraging the XRPL network to introduce Non-Fungible Tokens (NFTs), posited that XRP had surpassed Bitcoin in terms of trading activity.
Schepens assertion came as market data revealed that XRP has risen to the top of the cryptocurrency space when it comes to trading volume, now accounting for a stunning 21% of the market’s volume amid a price explosion of over 60% in a single week.
XRP’s trading volume exploded after a federal judge in New York determined that the XRP token “is not necessarily a security on its face” in the legal battle between Ripple, a major player in the XRP space, and the U.S. Securities and Exchange Commission (SEC).
In response to Schepens, Ripple’s CTO David Schwartz highlighted that XRP’s trading volume, when measured as a percentage of its market capitalization, was four times that of Bitcoin. He added that he wasn’t certain whether the data’s implications were “good, bad, interesting, or meaningless.”
According to data from leading digital assets market data provider CryptoCompare, Bitcoin’s total volume is around $2.34 billion over the last 24-hour period, while XRP’s total volume was of $1.55 billion over the same period.
Bitcoin’s total market capitalization, however, is around $588 billion, while XRP’s market capitalization, at the time of writing, stands at $42 billion. On CoinMarketCap, Bitcoin’s volume is being shown as $93.8 billion, while XRP’s volume is at $23 billion.
As CryptoGlobe reported, various analysts have been bullish on the cryptocurrency after the ruling came out, with a popular crypto analyst recently revealing he sees the cryptocurrency’s price explode to $6.
Earlier, analyst analyst Michaël van de Poppe focused on XRP saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.
Featured image via Unsplash.
