XRP continues to impress in terms of volume change on major exchanges like Binance, Coinbase, and Kraken, outperforming Bitcoin, Solana, and Ethereum. Presto Research’s Daily Market Brief analyzed the volume change on nine leading exchanges, including Binance, Coinbase, and Upbit.
According to the data, XRP saw a remarkable 410% spike in trade volume on Upbit over a 24-hour period, marking its highest trade volume spike on any centralized exchange. XRP’s trade volume on Upbit even surpassed Bitcoin’s volume on Korea’s top five exchanges. This surge in volume reflects the growing interest in XRP amongst Koreans, which was also one of the catalysts for XRP’s spike to $0.93 in July 2023.
XRP also experienced encouraging surges in trade volume on other exchanges. It recorded a 287% increase on KuCoin, a 217% spike on Gate.io, a 216% rise on Kraken, and a 169% growth on Coinbase. XRP trade volume also rose 139% on OKX and 124% on Binance.
On the other hand, Bitcoin’s trading volume saw only a modest increase, with declines on platforms like Gate.io, Coinbase, and Kucoin. Ethereum experienced mixed reactions, with volume increases on Kucoin and Bybit but significant declines on Gate.io and HTX. Solana witnessed an overall negative trend in trading volume, except for a minor increase on HTX.
The data also reveals volume changes for other cryptocurrencies. Wrapped Bitcoin (WBTC) saw a significant 351.3% increase in volume, while Shiba Inu (SHIB) experienced a notable 207.1% surge, reflecting its appeal among retail investors.
In terms of the overall market performance, the total market cap has shown fluctuations since January 2024, with a decline in April and a recovery trend starting in mid-June. Despite the volatility, the total market cap remains strong as it approaches the $2.5 trillion mark.
It’s important to note that this update was first reported by @SMQKEDQG on X.