In the midst of a recent crypto market dip, XRP has surprisingly emerged as the top performer on Coinbase among the top 10 altcoins by market size, according to data from Kaiko, the crypto market intelligence platform. The other altcoins mentioned in Kaiko’s post include SOL, DOGE, LTC, ADA, MATIC, and DOT.
Kaiko’s data on Twitter revealed that all the identified altcoins, except XRP, recorded average trade sizes below $400.
— Kaiko (@KaikoData) September 1, 2023
A screenshot displaying the 7-day moving averages of these listed cryptocurrencies showed that XRP’s average trade size stood above its value at the time of the Ripple vs. Securities and Exchange Commission (SEC) ruling.
Market Turbulence Led by Bitcoin and Ethereum
The recent crypto market downturn was initiated by Bitcoin, which experienced an approximate 8.7% drop in value over the past 72 hours, as per TradingView data.
During this dip, Bitcoin’s price broke below significant support levels, retesting a recent low at $25,350. Ethereum, the leading altcoin, faced a similar situation, losing 7.36% of its value during the crash and breaking crucial support before finding a local bottom at $1,602.
XRP was not immune to market turbulence, as its price declined by 9.8% during the recent crash.
However, Kaiko’s report suggests that this price drop may have been influenced by a relatively small number of investors selling off higher volumes rather than a mass exodus of users losing interest in the digital asset. This indicates a level of stability among XRP users, particularly following the Ripple vs. SEC ruling.
Immediately after the July 13 ruling, XRP experienced a remarkable surge in price, skyrocketing from $0.47045 to $0.94799 in less than 24 hours, marking a 102.12% rally.
However, much of those gains have since dissipated, with XRP’s price dropping to $0.4309 on August 17. Nonetheless, the popular altcoin has shown signs of resilience by posting a slight rebound and trading at $0.49677 at the time of writing.