XRP Volume Spikes Beyond $10.4B, But Only Ranks 76th Largest 24-Hour Volume in Crypto History

On July 13, Ripple's native token XRP recorded a 24-hour trading volume of $10.4 billion. Despite this staggering figure, this volume ranks as the 76th largest trading volume of all time for a crypto blockchain, underscoring its massive potential.

This surge in trading volume emerges from the renewal of interest of millions of Ripple users and traders of XRP pairs across multiple blockchains globally.

XRP Records a Staggering $10.4 Billion in 24-Hour Trading Volume

After the three-year legal battle with the United States Securities and Exchanges Commission (SEC), Ripple Labs received a final ruling from US Judge Torres.The ruling concluded that Ripple Labs' native token, XRP, didn't constitute security, making it the first blockchain in the US to obtain regulatory clarity.

It is worth noting that the ruling, which ended in favor of XRP, led to massive interest from millions of crypto pundits and legal entities.

Leading crypto exchanges like Gemini, Binance, Coinbase, Crypto.com, and Huobi, among several others, immediately reacted, announcing their relisting of the coin on their trading platforms.Leonidas, the host of a renowned cryptocurrency YouTube channel XRPArcade, announced in a tweet.

On July 13th, XRP's volume spiked to $10.4 billion. Even though this seems like a big number, historically, this was XRP's 76th largest daily trading volume recorded on CMC. The highest was almost $37B on April 6th, 2021.
We ain't seen nothing yet... pic.twitter.com/U5gtF7TagU

- Leonidas (@LeoHadjiloizou) July 16, 2023

He stated that despite the massive $10.4 billion in XRP's trading volume, it still records a relatively lesser range of significant volume recorded by the token on CoinMarketCap (CMC).

Leonidas wrote that the highest figure ever recorded by XRP was about $36.9 billion in April 2021.Moreover, this tweet reveals that the recent spike in trading volume may just be the start for XRP.

As XRP continues to garner traction, and with the favorable court ruling of the Ripple vs. SEC suit, it could surmount the token's previous peaks.

XRP Sees Renewed Interests

Following the massive records of 2021, XRP observed a steady reduction in trade volume in 2022.

Some factors that greatly influenced this decline include the year's numerous global depressions and the prevailing crypto bear market.Thus, XRP's trade volume has been less than $7 billion since 2022, with its all-year-peak value being $6.26 billion on February 8.

The token had also failed to surge past $6.16 billion this year despite occasional price spikes. Moreover, the July 13 ruling of Judge Torres led to a renewal of interest from retail and institutional investors in the XRP token. The $10.4 bill peak is the largest trading volume recorded by XRP since Aug. 2021.

It is worth stating that South Korean investors have been actively interested in the crypto industry and contributed largely to the token's trading volume surge.

As noted by a previous report, Upbit, South Korea's largest crypto exchange, recorded the highest trading volume for XRP on July 14. It was followed by the world's largest crypto exchange, Binance.

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