Ripple’s XRP is the Most Traded Altcoin of 2023 — But Where do the Rest Line Up?
Which altcoin had the biggest trading volume? | Credit: Shutterstock
- When it comes to trading volume in 2023, XRP surpasses all other cryptocurrencies with $150 billion
- The Ripple-SEC decision greatly increased the value of XRP and other alternative currencies
- As traders wait for the Federal Reserve to announce its interest rate decision, the overall cryptocurrency market, including XRP, is falling
The cryptocurrency that began this year under severe trader attention, XRP, has clinched the title of the most traded altcoin and cryptocurrency of the year by riding a wave of expectation and eventual legal resolution.
Astute investors filled up their digital wallets with the asset in the first half of 2023, laying the groundwork for a record-breaking surge in trading volume after the non-security verdict.
XRP Trading Volume Soars to New Heights
Since the decision’s favorable outcome, XRP’s trade volume has rocketed to new heights, accumulating a staggering $150 billion in transactions and securing its status as the top altcoin in 2023.
While conducting transactions worth between $50 and $100 billion each, Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC) have all performed wonderfully. However, they are still overshadowed by the sheer volume of XRP’s transactional value.
Altcoins have been outpacing Bitcoin in terms of price. XRP increased by 52% from its lows in the middle of June. The remittance token is currently declining, mirroring the general crypto market trend as traders wait impatiently for the Federal Reserve to announce its interest rate decision.
XRP had an 8% decline today, falling to $0.68, lagging the 1.8% decline seen by the entire cryptocurrency market. Increased anticipation of a 25 basis point interest rate increase during the Federal Reserve’s meeting on July 25–26 is mostly to blame for this decline.
XRP Price Analysis
XRP appears to be in an overbought correction phase when observing the technical environment. Last week, it achieved the highest level since April 2021—72 on the week’s relative strength index (RSI).
The route forward for the bears may involve XRP falling toward the $0.59 level in late July or early August. This price level, which corresponds to the 0.236 Fibonacci retracement line formed from the $1.15 swing high to the $0.30 swing low, served as a support level between July 2021 and January 2022 trading sessions.
On the optimistic end of the spectrum, XRP may attempt to break through the $1.5 resistance if it can close decisively above the 0.382 Fibonacci line above $0.77, potentially giving over 50% gains. At the time of writing, the price stood at $0.69, down by 1.33%.
As investors prepare for the forthcoming Federal Open Market Committee (FOMC) meeting, where the US central bank is expected to decide its next interest rate move, XRP’s dip on Tuesday coincides with a larger decline in the cryptocurrency market.
The majority of analysts predict that the Federal Reserve will increase interest rates by another 25 basis points (bps) during its meeting on July 25–26, which will negatively affect the mood of cryptocurrency investors.
Because cryptocurrencies like XRP are often seen to be unfavorable in high-rate environments, several investors have switched from high-cap crypto to safer assets like the US dollar.
Due to investors’ attention turning to smaller, riskier tokens, Bitcoin dominance is almost at a one-month low. One such small cryptocurrency is definitely XRP, which has overtaken Bitcoin in terms of trading volume since a court ruled that it is not a security. But which cryptocurrencies have seen the
most trade volume this year?
DOGE Trading Volume Hits 16-Week High
Another altcoin with a great trading performance in 2023 was Dogecoin.
The biggest memecoin in the world has recently attracted attention once more. The Dogecoin (DOGE) price has up 4.45% over the past day and is currently trading at $0.077 with a market valuation of $10.9 billion, defying the overall market consolidation. With the latest price increase, Dogecoin overtook Cardano to take over seventh place in terms of market capitalization.
Santiment, a source of on-chain statistics, reports that Dogecoin trading volumes have reached a 16-week high. Many traders have expressed interest in Dogecoin since its dramatic price increase today. The halving event for Litecoin on August 2nd is also drawing more interest.
After the XRP Case Conclusion, Solana Trading Reaches New Record
The third most traded altcoin is Solana, which has had a market-wide upswing as a result of the recent XRP judgment. The decision that XRP is not a security could have an effect on Solana. The SEC classified Solana as a security in June. This was contested, but Solana’s fell to $14.49. Solana could now object to the new classification, though.
Solana has a great deal of interest because of this fresh hope. The daily trade volume for Solana has increased 363.95% to $2.7 billion. The daily trade volume for Solana is at its highest point so far in 2023.
Solana’s price has climbed in tandem with its trading volume. Solana has grown by 29.74% during the previous five days and is currently trading at $13.19. This is a total gain of 84.65% over the previous month. According to experts, Solana may reach $30 and even $35 by the end of July.
Investors’ Demand for MATIC Continues
Investors’ interest has been piqued by the significant growth of new users of the Polygon network. The increase in addresses on the Polygon network reflects increased usage and interest in the network, giving it a fresh attraction to investors. Due to this, the cost of MATIC increased over the previous month by 14.29%, going from $0.631 to $0.732. When writing, the price was down by 0.89% to $0.72.
Investors are optimistic about the impending switch to Polygon 2.0 and anticipate a possible price increase. The trading volume of MATIC has significantly increased over the past month by 28% as a result of this upbeat sentiment.
However, it’s important to note that in their action against Coinbase and Binance, the United States Securities and Exchange Commission (SEC) categorized MATIC as a security. Investors have expressed concern over this, which could affect MATIC pricing trends. Experts anticipate that MATIC prices will decrease from $0.732 to $0.678 in the ensuing weeks.
BNB’s Trading Volumes Jumping
The volume of BNB trade increased on July 11, 2023. Over $883 million worth of BNB was actively traded by traders, indicating heightened market activity and greater investor participation.
Along with wallet-to-wallet trades, BNB has rekindled interest in the derivatives markets. This may show how popular BNB is becoming as an investment vehicle. BNB has increased 7.86% in the last week, going from $232.41 to $250.68, thanks to these factors. At the time of writing, its price was down by 0.61%.
Investors in BNB, the second most traded altcoin, are eagerly awaiting the “ZhangHeng” Beacon Chain upgrade. There are two notable changes in this upgrade. First, it strengthens security by adding on-chain asset reconciliation to the BNB Beacon Chain. Second, the modification eliminates the Rogue Key Attack vulnerability.
Investors remain concerned about the future of BNB owing to SEC regulations and market volatility that may have a detrimental impact on its pricing dynamics.
