According to a report According to 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 considering the asset's market capitalization fell below that of SOL and BNB last year.
The ESMA report was shared on X by WrathofKahneman, a prominent XRP supporter. According to the report, Ripple's XRP was traded $25 billion more than Solana (SOL) and $80 billion more than Binance's BNB token.
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The ESMA report shows that XRP has more demand than SOL and BNB. However, the asset price continues to struggle. According to a comment by WrathofKahneman, 'it proves that utility has not overcome the power of speculation.'
Another user commented: 'The difference in XRP trading volume compared to market capitalization is striking.'
Will Ripple's XRP Token Gain Momentum Later This Year?
One of the main drags on 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 court ruled partially in Ripple's favor, saying that selling XRP tokens to retail customers did not violate securities laws. However, the court did say that sales of XRP to institutional clients did fall within the SEC's definition of a security. Nevertheless, the lawsuit has ended up in the Supreme Court as investors await a verdict. If the Supreme Court rules the same way as the district court, we could witness another boom in XRP adoption and price.
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The spike in trading volumes for Ripple's XRP in 2023 could be a result of the court's ruling. The price of XRP witnessed a sudden surge after the verdict was revealed. Nevertheless, the asset has undergone a sharp correction since then.