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Ripple CTO: $XRP Trading Volume as a Percentage of Market Cap is Four Times Higher Than Bitcoin

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In an extraordinary development in the cryptocurrency space, XRP Ledger’s native token, $XRP, has seen a surge in trading volume, surpassing Bitcoin ($BTC). Ripple’s Chief Technology Officer, David Schwartz, revealed that XRP’s trading volume as a percentage of its market capitalization is four times that of Bitcoin.

This revelation came during a Twitter exchange with Dirk Schepens, founder of xSPECTAR, a project that leverages the XRPL network for Non-Fungible Tokens (NFTs). Schepens points out that XRP has overtaken Bitcoin in terms of trading activity.

Indeed, market data confirms that XRP now leads the cryptocurrency space in trading volume, accounting for 21% of the total market volume. This surge came on the back of a price explosion of more than 60% in just one week.

XRP trading volume saw a significant increase following a New York federal judge’s decision that XRP token “is not necessarily a security in its face” in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).

In the last 24-hour period, the total volume of Bitcoin was around $2.34 billion, while the total volume of XRP was $1.55 billion. However, Bitcoin’s market cap remains much larger, at around $588 billion, compared to XRP’s $42 billion market cap.

Various analysts have indicated a bullish sentiment towards XRP following a favorable decision, with some predicting a potential price spike of up to $6. Additionally, other analysts believe that XRP may temporarily decline to around $0.65, but this could set the stage for a bullish comeback, potentially pushing its value as high as $0.90.

The current shift in XRP trading volume indicates increased interest and activity within the XRP community. As the legal battle with the SEC rages on, investors and analysts are closely monitoring cryptocurrency performance and market dynamics, eagerly awaiting potential price movements and future developments.

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