In a seismic Shift within the cryptocurrency space, the native token of the XRP Ledger, $XRP, has seen its trading volume skyrocket to surpass that of the flagship cryptocurrency Bitcoin ($BTC), with Ripple\u2019s Chief Technology Officer, David Schwartz, saying that XRP\u2019s volume as a percentage of market ccapitalization quadruples that of BTC.<\/p>\n
Schwartz\u2019s words came during a Twitter exchange where Dirk Schepens, founder of xSPECTAR, a project leveraging the XRPL network to introduce Non-Fungible Tokens (NFTs), posited that XRP had surpassed Bitcoin in terms of trading activity.<\/p>\n
Schepens assertion came as market data revealed that XRP has risen to the top of the cryptocurrency space when it comes to trading volume, now accounting for a stunning 21% of the market\u2019s volume amid a price explosion of over 60% in a single week.<\/p>\n
\u00a0XRP\u2019s trading volume exploded after a federal judge in New York determined that the\u00a0XRP token\u00a0\u201cis not necessarily a security on its face\u201d in the legal battle between Ripple, a major player in the XRP space, and the U.S. Securities and Exchange Commission (SEC).<\/p>\n
In response to Schepens, Ripple\u2019s CTO David Schwartz highlighted that XRP\u2019s trading volume, when measured as a percentage of its market capitalization, was four times that of Bitcoin. He added that he wasn\u2019t certain whether the data\u2019s implications were \u201cgood, bad, interesting, or meaningless.\u201d<\/p>\n
According to data from leading digital assets market data provider CryptoCompare, Bitcoin\u2019s total volume is around $2.34 billion over the last 24-hour period, while XRP\u2019s total volume was of $1.55 billion over the same period.<\/p>\n
Bitcoin\u2019s total market capitalization, however, is around $588 billion, while XRP\u2019s market capitalization, at the time of writing, stands at $42 billion. On CoinMarketCap, Bitcoin\u2019s volume is being shown as $93.8 billion, while XRP\u2019s volume is at $23 billion.<\/p>\n
As CryptoGlobe reported, various analysts have been bullish on the cryptocurrency after the ruling came out, with a popular crypto analyst recently revealing he sees the cryptocurrency\u2019s\u00a0price explode to $6.<\/p>\n
Earlier, analyst analyst Micha\u00ebl van de Poppe\u00a0focused on XRP saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally\u00a0could escalate XRP\u2019s value to a high of $0.90.<\/p>\n