In an important development for the crypto market, XRP ranked third in the liquidity rankings, leaving behind tough competitors such as Solana (SOL), Binance Coin (BNB) and Dogecoin (DOGE). It’s a pretty impressive power move. Read on to learn the data and what it means for the future of XRP and perhaps the entire crypto market. This story may surprise you.
XRP took the lead in liquidity
Kaiko, a leading crypto market intelligence platform, recently unveiled its comprehensive report on crypto market liquidity. According to the findings, XRP has established itself as the third most liquid asset, right behind the dominant leaders Bitcoin (BTC) and Ethereum (ETH). Examining key metrics such as 0.1% liquidity depth, 1% liquidity depth, exchange points, spread points, and volume points, Kaiko’s report highlighted Bitcoin’s continued dominance with a perfect score of 50 points. Following this, Ethereum gained an impressive 49 points, while XRP gained a remarkable 48 points, solidifying its place among the top three crypto assets.
Solana, on the other hand, ranked fifth, leaving Litecoin (LTC) behind. Additionally, Chainlink (LINK), Polygon (MATIC) and Avalanche (AVAX) made it into the top 10. AVAX saw the biggest rise, rising 14 places. Kaiko’s detailed report highlighted XRP’s unique position. While Bitcoin and Ethereum maintain consistent rankings in terms of both liquidity and market cap, XRP has distinguished itself by surpassing the fifth-place market cap ranking to secure third place in terms of liquidity. In contrast, Solana presented an interesting scenario, with its liquidity ranking (fifth) falling behind its market cap ranking (fourth).
There is an increase in SOL transaction volume
Looking at transaction volumes, Solana performed exceptionally well. Because it increased from 20 billion dollars in the 3rd quarter of 2023 to an impressive 116 billion dollars in the 4th quarter of 2023. While XRP’s trading volume decreased from $70 billion in the 3rd quarter of 2023 to $68, this increase allowed Solana to surpass XRP in trading volume. Because it provided billion dollars in the 4th quarter of 2023. XRP’s story in Q4 2023 is a testament to the unpredictable nature of the market. It’s almost impossible to predict what will happen next.
The dramatic shift in this current liquidity ranking demonstrates XRP’s impressive rise in the crypto market. Rising to third place, leaving behind strong competitors such as Solana, Binance Coin and Dogecoin, offers an exciting perspective on the future of XRP. Kaiko’s report reveals that in addition to finding a solid place at the top in terms of liquidity, XRP has also made notable progress in the market cap rankings.
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