According to CryptoPotato, Ripple's native token, XRP, has become the most traded alternative coin on US-available cryptocurrency exchanges this year. The asset's recent developments have been a popular topic in the crypto community, which may have contributed to the increased trading volume.
Kaiko's analyst Dessislava Ianeva reported that the cumulative trade volume involving XRP in 2023 has reached $30 billion. The research only covers transactions conducted on US-based crypto exchanges. Solana (SOL) ranked second in cumulative trade volume, followed by Litecoin (LTC) in third place. Dogecoin (DOGE) came in fourth, with less than $20 billion in cumulative trade volume, while its rival Shiba Inu (SHIB) ranked seventh, with transactions worth approximately $10 billion.
XRP's price surged in mid-July after a US court ruled in favor of Ripple in its lawsuit against the US Securities and Exchange Commission. The price of XRP increased from around $0.47 to over $0.80 within a few days. However, the court ruling was only a partial victory, and the US securities regulator has since appealed the decision, causing XRP's value to return to its pre-July levels. Some believe that Ripple will ultimately win the legal battle, potentially leading to another price increase for the coin.
