The crypto market’s recent dismal scenario has compelled XRP and other altcoins to witness a slump after Ripple’s groundbreaking judgment. The respective court ruling took place in July this year. Thus, the price of the token has dipped by up to 5.20% in the recent week and 22.6% over the recent thirty days. In this way, the token returned to its pre-ruling price levels.
Statistics Show XRP’s Strong Position among the Altcoins
Due to this, the token returned to the pre-ruling levels of price. Nonetheless, irrespective of the sell-off, the trading dynamic of XRP is very potent in comparison with the other altcoins. According to the statistics that the crypto research platform Kaiko provided, XRP recently showed strong characteristics. The 5th-biggest crypto token in terms of market capitalization averaged an enormous $462M last month.
🚨Despite its recent pullback,#XRP saw far stronger trading activity relative to other altcoins.— Kaiko (@KaikoData) September 7, 2023
👉Its average trade volume was $462mn last month, four times higher than the next largest #altcoins by trade volume. pic.twitter.com/Mk9EfHsWNT
Hence, it outstripped the rest of the altcoins within the crypto world. One of the potential reasons at the back of the huge trading volumes of XRP deals with the utility of the token. It is noteworthy that the chief use case of XRP is the financial settlements across borders. Banking institutions and other big financial companies increasingly use XRP for low-cost and rapid overseas payments.
Stuart Alderoty, the General Counsel at Ripple, spoke in this respect following the ruling favouring XRP. Alderoty stated that he expects the banks in the US to return to benefit from the On-Demand Liquidity product. Ripple’s ODL product utilizes its native token XRP.
The Token’s Public Interest Reportedly Plunges to a Great Extent
The respective application of the token for real-world purposes might boost trading operations. Even though the token is witnessing a sustenance in its trading volumes. The public interest in the crypto token is decreasing. It slumped significantly within the United States on the 6th of September. At present, the value of the token is $0.47.
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