In 2023, XRP has had its share of ups and downs in the cryptocurrency market. While the coin saw some growth between September and November, December’s 2.78% rise hinted at a possible shift from a bearish market trend. As the year-end approaches, many in the crypto community are hopeful for a potential rally, keeping an eye on influential market players and noting less activity from individual traders.
Read on for more insights.
Kaiko, a leading analytics platform, published a significant report on the top 40 cryptocurrencies, reshaping how we think about their value. The report suggested that instead of just looking at market size, we should also consider factors like liquidity, trading volume, and market depth.
Also Read: Which Altcoin Will Hit $1 in January 2024: Cardano (ADA) or Ripple (XRP)?
In Kaiko’s Q3 liquidity ranking, XRP stood out exceptionally. In the latest rankings, Bitcoin and Ethereum topped the liquidity charts as expected. But there were surprises: BNB dropped to 8th place, while XRP surged to 4th, thanks to recent US regulatory clarity. Dogecoin was in 5th place among meme coins, and Litecoin rounded out the top five despite a lower market cap.
Conversely, AVAX and TON suffered significant drops in liquidity rankings compared to their market cap standings, alongside tokens like ATOM, UNI, SHIB, OKB, LEO, and CRO.
The report highlighted how a token’s market value doesn’t tell the whole story. For instance, Litecoin performed well in liquidity, while TON struggled despite its high market value. Additionally, Arbitrum, a project on Ethereum, saw a rise in trading rankings.
Kaiko used a comprehensive approach for its rankings, looking at factors like trading volumes, market depth, and the number of exchanges supporting each token. This approach aimed to capture both short-term trading dynamics and long-term investment trends.
The report emphasized that tokens with high liquidity, like BTC, ETH, and XRP, have an advantage because they are less susceptible to manipulation tactics.
Currently, XRP is priced at $0.62, showing a slight gain despite some fluctuations against Bitcoin. With a market cap ranking it sixth at $33.7 billion, XRP continues to have a strong 24-hour trading volume of nearly $596.8 million.
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The big question remains: Will XRP’s consistent performance lead to more growth in the future? Only time will provide the answer.
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