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Report: XRP Fell More Than 25% in August Due to Huge Selling Pressure From Exchanges Such As Upbit and OKX

According to a new report from cryptocurrency market data provider Kaiko, after a US court ruled that Ripple's XRP was not a security in secondary market trading, XRP saw a rise in July but was unable to maintain the momentum. 

According to the report, XRP's average daily trading volume in August was $462 million, four times that of the second and third place, SOL ($128 million) and BNB ($121 million), respectively. Kaiko attributes this difference to the huge sell-off pressure from exchanges such as Upbit and OKX, as well as the purchasing demand concentrated on the US cryptocurrency exchange Coinbase.

Kaiko also pointed out that XRP's average transaction size on Coinbase exceeds that of all top ten "altcoins". This may indicate that purchasing demand is being driven by large US traders. Overall, XRP's trading share in the US market is still lower than that of overseas exchanges. In terms of cumulative trading volume, XRP is only the sixth largest "altcoin" in the US, but ranks first in overseas markets.

XRP XRP $1.48
+1.13%
XRP Cryptocurrency Coinbase
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