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Data from Kaiko, the crypto market intelligence platform, reflects that XRP was the best performer on Coinbase among the top 10 altcoins by market size during the recent dip. The other altcoins mentioned in Kaiko’s post include SOL, DOGE, LTC, ADA, MATIC, and DOT.
👀#XRP held its ground with the highest average trade size on Coinbase among the top ten altcoins by market cap, despite a slight dip. pic.twitter.com/K7K1scwSno
— Kaiko (@KaikoData) September 1, 2023
Kaiko’s post on X (Twitter) showed that all the identified altcoins recorded average trade sizes below $400, except XRP. A screenshot of the 7-day moving averages of all the listed cryptos revealed that XRP’s average trade size stood above its value at the time of the ruling in the case between Ripple and the Securities and Exchange Commission (SEC).
Bitcoin led a crypto market price dump that started in the past 72 hours and lost about 8.7% of its value, according to data from TradingView. The dip saw Bitcoin’s price break below significant support to retest a recent low at $25,350. Ethereum, the flagship altcoin, experienced a similar situation by losing 7.36% of its value during the crash. ETH also broke below crucial support before finding a local bottom at $1,602.
XRP’s price fell by 9.8% during the recent crash. However, according to Kaiko’s report, that price drop may have been influenced by a lesser number of investors selling off higher volumes and not by a majority of users losing interest in the digital asset. It suggests a level of stability among XRP users, especially since the Ripple vs. SEC ruling, as indicated.
Shortly after the ruling on July 13, XRP’s price skyrocketed $0.47045 to $0.94799, reflecting a 102.12% rally in less than 24 hours. That seems like a long time ago, as nearly all of that day’s gains have faded. XRP’s price dropped to $0.4309 on August 17 but posted a slight rebound ahead of the latest dip. The popular altcoin traded for $0.49677 at the time of writing.