Ripple’s XRP Emerges as Top Traded Altcoin in 2023
Key Insights:
- Ripple’s XRP soars to become 2023’s most traded altcoin.
- Legal victory triggers XRP trading boom and price surge.
- Crypto analysts predict XRP price to hit $6 by year-end.
Ripple’s XRP has taken the crypto market by storm, becoming the most-traded altcoin of 2023. This surge in trading activity directly results from a significant legal victory for Ripple. The company has been embroiled in a lawsuit with the United States Securities and Exchange Commission (SEC) for several months, but a recent ruling has turned the tide in Ripple’s favor.
Legal Triumph Ignites XRP Trading Boom
In July, Judge Analisa Torres ruled that secondary sales of XRP do not constitute investment contracts. This decision was met with widespread enthusiasm from the market, triggering a notable price surge for the cryptocurrency.
Despite the SEC’s plans to appeal, traders have remained steadfast. The decision to relist XRP on significant exchanges has led to a dramatic increase in trading volume, propelling XRP to the top spot as the most traded altcoin of the year, per data from analytics resource Kaiko.
Top 10 Traded Altcoins in 2023 (Source: Kaiko)
The court ruling prompted exchanges that had previously delisted XRP due to the SEC lawsuit to reconsider their stance. This shift has significantly contributed to the surge in trading volume and open interest.
According to data from Ramp Network, there has been an 1113% increase in global trading volume compared to the previous 90-day average. Furthermore, the number of users purchasing XRP through Ramp has risen by 834%, and new users joining the XRP ecosystem have increased by an impressive 1,215%.
Max Sandy, Senior Product Manager at Ramp Network, has commented on XRP’s impressive performance, particularly highlighting its popularity in the UK. He revealed that XRP had become the most-purchased cryptocurrency on their platform in the country.
Analysts Predict XRP Price to Hit $6 by Year-End
The crypto community is buzzing, anticipating a potential price surge for XRP following Ripple’s court victory. Top crypto market analyst, Coinskid, has projected a dip in XRP’s price to about $0.54 before a sharp rise to a $6 price level by the end of 2023.
Coinskid’s recent XRP price projections are based on the token’s historical patterns. He has drawn attention to XRP’s price movement in 2020, suggesting a similar way could unfold this year. In November 2020, XRP experienced a significant price surge, spiking by 219%. However, the lawsuit against Ripple by the U.S. SEC in December 2020 led to the asset’s decline to a market low of about $0.1729.
Remarkably, XRP made a dramatic recovery, surging by 1,039% and reaching a price level of about $1.9695 in April 2021. Coinskid believes XRP could replicate these trends from November 2020 to April 2021. He noted that XRP has already embarked on its initial bullish run, having soared to a price level within the $0.938 range following the summary judgment on July 13.
XRP/USD 1-month price chart (Source: CoinMarketCap)
As the appeal process continues, the crypto community eagerly awaits further developments. These will undoubtedly shape the future trajectory of XRP and its role within the evolving financial landscape.
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