XRP records the average daily trading volume of $462 million. as the coin outperformed all the major altcoins by a huge margin.
Kaiko, a crypto-focused digital media outlet, recently shared data showing average daily trading volume of top 10 altcoins for the month September. According to the data, during the last month XRP’s average daily trading volume was $462 million.
— Crypto Macro (@cryptomacro14) September 7, 2023
On the graph posted by Kaiko, XRP was followed by SOL with the average daily trading volume of $128 million. Which means that XRP outperformed the entire altcoin market by a whopping 360%. As for the cause of XRP’s tremendously high trading volume, there are various factors playing the role.
Most often a digital asset’s trading volume depends on its usability. XRP’s usability is that it is used as an intermediary currency for transferring funds from one country to another. With the use of XRP as the intermediary currency, the cross-border transfer of funds are made faster, cheaper and much safer.
On September 6th, it was reported that Japan’s major financial services provider, SBI Group, partnered with RippleNet, Ripple’s cross-border payment settlement solution that uses XRP to make transactions between territories. The aim of the partnership was to make cross-border payments from Japan to Philippines, Indonesia, and Vietnam, faster, cheaper, and safer.
Other than the coin’s impressive usability, XRP’s trading volume may also be fueled by the development in the SEC lawsuit. In a summary judgement issued by the court on July 13th, it was decided that XRP in itself is not a security asset and that its sales in the secondary market can not be deemed as security sales.
Lastly, as a blessing in disguise, XRP has found a loyal community following the SEC filed the lawsuit against Ripple. This surely impacts XRP’s trading volume positively.