Back to the list

XRP Closes in on Bitcoin and Ethereum with $1.03B 24-Hour Volume

source-logo  thecryptobasic.com 19 September 2023 15:15, UTC

XRP 24-hour trading volume surpasses $1.03 billion, making it the second most traded altcoin, while Korean exchange Bithumb rivals Coinbase in XRP volume.

According to CoinMarketCap data, XRP’s trading volume in the last 24 hours has surpassed the previous day’s by at least 50%. In particular, market participants bought and sold $1,036,906,679 XRP. The over $1.03 billion figure represents a 68.97% uptick from the previous day.

XRP seeks to maintain its footing above the $0.5 mark as more crypto market participants troop to trade the digital asset. Amid the volume increase, XRP has surged to $0.5101, with its seven-day cumulative performance now exceeding 8%.

Notably, XRP’s $1.03 billion 24-hour trading has put it just behind the two market leaders, Bitcoin (BTC) and Ethereum (ETH) — with the exception of stablecoins.

Additionally, its volume is over two times the value obtained by BNB. Notably, BNB, which came right behind XRP, saw only $431 million, implying a percentage gap of 140.14%.

XRP Volume on Exchanges

The largest crypto exchange, Binance, accounted for 15.38% of XRP’s overall trading volume, comprising centralized and decentralized trading platforms. Binance users exchanged over 315 million XRP in the last 24 hours, worth approximately $160 million.

Meanwhile, Coinbase, Binance’s closest competitor in the exchange service scene, saw just a fraction of the XRP volume Binance commanded. In particular, Coinbase users only traded about 50 million XRP worth $24,273,729.

Moreover, XRP commanded more volumes on Korean exchanges than U.S.-based Coinbase. For example, Bithumb, which ranked next to Binance in XRP’s volume, saw $29,792,157. Interestingly, this figure surpassed the volume of Bitcoin traded on Bithumb by at least $3.3 million.

Similarly, XRP was the most traded on the South Korean exchange, Korbit. Other Korean trading platforms that saw significant volume increases for XRP include Upbit and Coinone.

Interestingly, XRP commanded over $2 billion within a 24-hour window on the Upbit exchange in July. The substantial figure resulted from the frenzy following the courtroom victory in the month.