XRP Records Highest Average Daily Trade Volume Among Altcoins In August
Distinguished crypto analysis agency Kaiko studies that the XRP token recorded spectacular commerce quantity strides throughout August 2023. This growth comes amidst the token poor value efficiency within the stated month.
XRP Dominates Altcoin Market In Commerce Quantity Amidst Value Downtrend
In line with the latest Data Debrief by Kaiko on September 4, the market analysis agency notes that XRP recorded a mean each day commerce quantity of $462.8 million in August, representing the best worth of that metric within the altcoin market.
Solana (SOL) adopted in second place, with a commerce quantity of $128.4 million. Different altcoins that additionally skilled a big common each day commerce quantity in August included Binance Coin (BNB), Dogecoin (DOGE), and Litecoin (LTC), amongst others.
Supply: Kaiko
As earlier acknowledged, XRP’s surge in buying and selling quantity was accompanied by underwhelming market efficiency. Kaiko notes that the altcoin skilled a 25% value decline in August.
This unfavourable value efficiency was in a lot distinction to July, throughout which XRP had recorded lofty beneficial properties following Ripple’s partial victory over the USA Securities and Trade Fee (SEC).
Why Is The XRP Value Struggling?
To elucidate the distinction between XRP’s unfavourable value efficiency and its surging commerce quantity, Kaiko has offered some attention-grabbing, in-depth evaluation.
In line with the analysis agency, the court docket ruling in July led to a big demand for XRP by US merchants, as was seen within the token’s value motion. Kaiko famous that the XRP common commerce dimension on Coinbase, the most important US crypto change, skilled a big enhance, surpassing all high ten altcoins.
Nevertheless, this large XRP demand was solely current within the US. Kaiko states there was excessive promoting stress on overseas exchanges, indicating that almost all traders offered off their tokens to capitalize on XRP’s beneficial properties from its court docket victory.
Specifically, Kaiko reported that the South Korean exchanges Upbit and OKX recorded the strongest XRP promoting stress for August.
Kaiko notes that the XRP’s buying and selling quantity is greater on overseas markets than on US exchanges. The analysis agency reported:
General, the share of XRP traded on U.S. markets stays decrease than on offshore exchanges. XRP is simply the sixth most traded altcoin within the U.S. by cumulative commerce quantity, whereas it tops the checklist on offshore markets.
Due to this fact, the excessive demand for XRP within the US was overwhelmed by greater promoting stress on the worldwide market, which explains why the XRP market value took a nosedive in August.
On the time of writing, XRP trades at $0.503, having gone up by 0.17% within the final day primarily based on data from CoinMarketCap. Nevertheless, the fifth-largest cryptocurrency remains to be within the purple zone and is down by 2.28% and 19.70% on the weekly and month-to-month charts.
XRP buying and selling at $0.5019 on the each day chart | Supply: XRPUSD chart on Tradingview.com
Featured picture from CoinMarketCap, chart from Tradingview.
