- US exchanges now command 5% of the global XRP market following the relisting by Kraken and Coinbase and new listings by Gemini, Bullish, and others.
- One analyst believes XRP will breach the $1 resistance this month, gauging by its RSI.
XRP is gradually reclaiming the market share it lost in the US due to its legal battle with the SEC. New data shows that the US now represents 5% of the global trading volume for the token, with one analyst now suggesting that $1 is within sight this month.
In its latest quarterly report, Ripple revealed key insights into XRP’s performance in the third quarter. This includes the token’s performance, market share, volatility, and trading volume.
We publish the XRP Markets Report to provide transparency and regular updates on the company’s views on key industry developments & crypto markets movements, focusing on relevant #XRPL & XRP-related news.
The Q3 2023 XRP Markets Report is now available: https://t.co/iepZCfwwOJ
— Ripple (@Ripple) October 31, 2023
A key insight was the important markets for XRP. Binance continues to dominate the trading of the token, Ripple revealed. CZ’s exchange accounts for roughly 60% of the trading volume. However, there was an uptick in Q3 in the “Others” category, with US exchanges making a comeback.
The report reveals that US exchanges make up 5% of the global XRP trading volume. This is significant growth, especially since the token had become abominable due to Ripple’s legal troubles. After the SEC sued Ripple for securities violations, major US exchanges delisted the token. Some, like Coinbase and Kraken, have re-listed it following Ripple’s legal victory. Others, like Gemini, freshly listed the token months ago. Other new additions include Bullish, Deribit and Bit.com.
As of September 30, Ripple held 5.25 billion XRP, which it can sell at will. It holds a further 41 billion tokens on its escrow, which are subject to programmed releases every month.
XRP to $1? This Analyst Thinks So
The $1 mark has continued to be elusive for the XRP community. In July, the token recorded a surge in its price and the community believed it was time for $1. However, the flame ebbed out in mid-July, with the token recording this year’s record high at $0.74.
XRP currently trades at $0.6 for a market cap of $32 billion. It remains the fifth-largest token by market cap, just below BNB.
But could the elusive $1 target be within sight? One analyst took to X to make the case. He pointed out that the token’s Relative Strength Index (RSI) is set to become bullish in the next two weeks.
$XRP Blast off in T-16 days.
On the Weekly time frame, $XRP is telling me we could be prepping to take off.
The RSI is about to cross bullish.
Open interest has room to spike significantly and looks to be putting in higher highs, roughly 2/3 weeks after it touches the floor,… pic.twitter.com/AttqpZmK5d
— Cryptoinsightuk (@Cryptoinsightuk) October 29, 2023
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