Why XRP was the most-traded altcoin in August

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- XRP was the worst-performing altcoin in August.
- Offshore exchanges spurred promoting stress, whereas U.S.-based platforms noticed shopping for demand.
The fun of the partial victory within the hotly contested authorized battle towards the U.S. Securities and Change Fee (SEC) have been short-lived, as Ripple [XRP] almost reversed all of the positive factors within the August drawdown.
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At press time, the payment-focused crypto misplaced almost 21% of its worth during the last month, information from CoinMarketCap revealed. Furthermore, the collapse made XRP the worst-performing altcoin within the aforementioned interval.
XRP outpaces different alts in buying and selling quantity
Affected by detrimental sentiment, XRP merchants rushed to lock in positive factors. As per crypto market information supplier Kaiko, XRP recorded considerably increased buying and selling exercise in August vis-à-vis different alts.
In actual fact, XRP’s common day by day quantity throughout the month was a whopping $462.8 million, 4x instances increased than the next-ranked Solana [SOL].

Supply: Kaiko
Offshore exchanges drive sell-offs
Apparently, the majority of the promoting stress was exerted by non-U.S. primarily based exchanges, based on a latest report by Kaiko. Upbit, South Korea’s largest alternate and OKX had a promote quantity ratio of over 50%.

Supply: Kaiko
It must be identified that XRP is probably the most traded altcoin on offshore exchanges. It sees excessive demand in South Korea, specifically, and merchants within the East Asian nation have traditionally exhibited a larger affinity for the token.
To additional elucidate this, XRP was the most-traded altcoin and the second-most traded crypto asset on Upbit, the nation’s premier alternate, per information from CoinGecko.
U.S. exchanges see shopping for demand
Alternatively, buying and selling exercise on U.S.-based exchanges like Coinbase was pushed by patrons. Kaiko acknowledged,
“This might recommend that purchasing demand was pushed by massive merchants within the U.S. as traders re-gained entry to the token after the July court docket ruling.”
The above assertion was corroborated by information from Santiment. Huge whales, comprising the cohort holding between 100,000 to 10 million XRP tokens, have been steadily including on to their portfolios during the last week.

Supply: Santiment
Learn Ripple’s [XRP] Value Prediction 2023-24
It was pertinent to notice that in contrast to offshore exchanges, XRP was solely the sixth most traded altcoin within the U.S., per Kaiko.
XRP’s retail possession rises
An encouraging growth which caught consideration was the rise within the variety of retail traders of XRP. Since final week’s dip in costs, addresses proudly owning 1–10 tokens have elevated their holdings by almost 10,000. This steered that they purchased the dip.

Supply: Santiment