Yesterday, XRP was in the spotlight as the judge ruled on Ripple’s lawsuit with the US SEC. According to the judge, the secondary sales of XRP probably do not fall under the securities law. As a result, the XRP price shot up sharply. The coin is now so popular that it is by far the most traded token on Bitvavo.
XRP very popular on Bitvavo after development lawsuit
This is evident from data from CoinMarketCap. At the time of writing, the daily volume of bitcoin (BTC) is just over 21 million euros, or the equivalent of 8.6% of all the volume on Bitvavo. In total, the trading platform has processed around 246 million euros in cryptocurrencies in the past 24 hours.
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21 million euros is not nothing, but it is not the highest volume that we currently measure on the crypto exchange. That of XRP is no less than 5 times as high – more than 106 million euros to be precise. That accounts for just over 43% of all volume over the past 24 hours.
Many people now trade in XRP, but the crypto does not have everything. It does not take first place in terms of market depth. From large to small, bitcoin, ethereum (ETH) and Tethers stablecoin USDT are still larger in this. Bitcoin’s is above 1.2 million euros, while XRP’s is still around 330,000 euros. Market depth measures how easy it is to buy and sell without significantly affecting the price.
XRP price has risen sharply
The price of XRP is at the time of writing around 69 euro cents. That is more than 60% higher compared to Thursday morning – it was therefore the fastest riser of the largest cryptocurrencies.
The coin is not as popular on every exchange as it is on Bitvavo, for example, XRP on Coinbase and Kraken is still in 5th place in terms of volume. Still, the volume is up Bybit and on OKX also at number 1.