According to a report by the European Securities and Markets Authority (ESMA), Ripple’s XRP token surpassed Solana (SOL) and Binance’s BNB in volume in 2023. XRP’s dominance is surprising, given that the asset’s market cap fell below SOL and BNB’s last year.
The ESMA report was shared on X by WrathofKahneman, a prominent XRP supporter. According to the report, Ripple’s XRP traded $25 billion more than Solana (SOL) and $80 billion more than Binance’s BNB token.
Also Read: Ripple XRP Forecasted to Reach $3, Here’s When
The ESMA report shows that XRP has more demand than SOL and BNB. However, the asset’s price continues to struggle. According to a comment by WrathofKahneman, ‘it proves utility has not overcome the power of speculation.‘
Another user commented, ‘The disparity in XRP’s trading volume vs. market cap is striking.‘
Will Ripple’s XRP token gain momentum later this year?
One of the most significant barriers to the asset’s price could be the ongoing lawsuit between the SEC (Securities and Exchange Commission) and Ripple. The SEC alleges that the fintech company participated in the sale of unregistered securities. Last year, a US district court ruled partially in favor of Ripple, stating that selling XRP tokens to retail clients did not breach securities laws. However, the district court did say that the sale of XRP to institutional clients did fall under the SEC’s definition of a security. Nonetheless, the suit has entered the high court, while investors are awaiting a verdict. If the high court rules similarly to the district court, we may witness another boom in XRP adoption and price.
Also Read: A White Triangle Forms On Ripple XRP: How High Will It Trade Now?
The spike in trade volumes for Ripple’s XRP in 2023 could be a result of the district court verdict. XRP’s price witnessed a sudden surge after the verdict was revealed. Nonetheless, the asset has faced a sharp correction since.