24-hour XRP trading volume exceeds $1.03 billion, making it the second most traded altcoin, while Korean exchange Bithumb rivals Coinbase in terms of XRP volume.
According to CoinMarketCap data, XRP trading volume over the past 24 hours exceeded that of the previous day by at least 50%. In particular, market participants bought and sold $1,036,906,679 worth of XRP. This figure of over $1.03 billion represents an increase of 68.97% from the previous day.
XRP looks to maintain its position above the $0.5 mark as more crypto market participants come together to trade the digital asset. Amid the increase in volume, XRP surged to $0.5101, with sound a cumulative performance over seven days now exceeding 8%.
Notably, XRP’s 24-hour trading of $1.03 billion puts it just behind the two market leaders, Bitcoin (BTC) and Ethereum (ETH) – excluding stablecoins.
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Moreover, its volume is more than twice the value obtained by BNB. Notably, BNB, which comes second only to XRP, received only $431 million, implying a percentage gap of 140.14%.
XRP volume on exchanges
The largest cryptocurrency exchange, Binance, accounted for 15.38% of the overall XRP trading volume, comprising both centralized and decentralized trading platforms. Binance users traded over 315 million XRP in the last 24 hours, worth around $160 million.
Meanwhile, Coinbase, Binance’s closest competitor in the exchange scene, has seen only a fraction of the XRP volume Binance commands. Notably, Coinbase users only traded around 50 million XRP worth $24,273,729.
Additionally, XRP commanded more volume on Korean exchanges than US-based Coinbase. For example, Bithumb, which ranks next to Binance in terms of XRP volume, recorded $29,792,157. Interestingly, this figure exceeded the volume of Bitcoin traded on Bithumb by at least $3.3 million.
Similarly, XRP was the most traded on the South Korean exchange Korbit. Other Korean trading platforms that have seen a significant increase in XRP volumes include Upbit and Coinone.
Interestingly, XRP order more than $2 billion in a 24-hour window on the Upbit exchange in July. This substantial figure results from the frenzy that followed the legal victory during the month.