XRP to make a comeback as the increasing trading volume shows investors’ trust in the coin.
According to a recent report by a crypto analytics firm Kaiko, XRP has seen an incredible rise in coin’s depth over the past month. XRP average market depth in month to date has been recorded at $12 million, up $4 million from $8 million that was recorded in June.
$XRP liquidity has improved significantly after July’s court ruling in the Ripple/SEC case. Market depth rose from an average of $8mn in June to $12mn in early September, even as XRP’s price and volume has declined. pic.twitter.com/WtWqcVhKb5
— Kaiko (@KaikoData) September 18, 2023
This increase in XRP’s increasing trading volume and market depth can be attributed to the summary judgement issued by court on July 13th. Days after the summary judgement was announced XRP trading volume represented 21% of total crypto trading volume, surpassing Bitcoin and Ethereum.
Further, recent developments with regards to XRP’s parent company Ripple have been mostly positive. Over the past few years Ripple has been able to collaborate with many notable firms.
Most of the companies are interested in using XRP as the intermediary asset between the currencies as use of XRP as the intermediary asset makes cross-border payments fast and cheap.
Because XRP boasts strong fundamentals, people are expecting the coin to make huge gains in the coming future. It is notable, however, that the direction in which XRP will move in the future depends on the premier cryptocurrency Bitcoin.
Currently trading at $0.51, XRP is up 6.50% over the week which makes XRP the third best performing cryptocurrency among the top 10 cryptocurrencies by market cap, falling behind TON and SOL. The last time XRP had traded around $0.51 was on September 4th.
It is notable that projections have been made in recent times that XRP may surpass the $1 price mark in the later part of October. If the projection is indeed proved true, it would be huge for the XRP community.