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XRP, the native token of the Ripple network, fell sharply in August, losing more than a quarter of its value within a month.
The decline occurred despite an increase in trading activity and a positive court decision in the United States.
According to Kaiko, a cryptocurrency analytics firm, XRP's average trading volume was $462 million last month, four times higher than the next largest altcoins by trading volume, SOL and BNB.
XRP was unable to sustain its momentum and fell from $0.75 to $0.56 in August, underperforming the largest altcoins such as ETH, ADA, and BNB. Kaiko attributed the price drop to intense selling pressure on some major offshore exchanges, especially Upbit and OKX. While these two platforms accounted for the highest share of sales volume for XRP, buying was stronger on Coinbase throughout August.
Kaiko also noted that XRP's average trading volume on Coinbase has increased, outpacing all of the top ten altcoins. This may indicate that buying demand is being driven by large traders in the US, who regained access to the token following a court decision in July.
However, the share of XRP tokens traded on US markets remains lower compared to offshore exchanges. While XRP is the sixth most traded altcoin in the US by cumulative trading volume, it tops the list in offshore markets.
*This is not investment advice.