XRP Market Depth Shows Growing Maturity Beyond Speculative Burst: Kraken Report
Prominent crypto exchange Kraken has highlighted how XRP has matured from a speculative coin to a key asset in the digital asset scene.The report, prepared by CF Benchmark, a wholly owned Kraken subsidiary, defined XRP and its role in the XRP Ledger. Furthermore, it emphasized the assets escalating maturity and dominance in the cryptocurrency industry.Notably, the May report followed XRPs recent choppy price action despite Bitcoins bullish outing. The XRPL native token is down over 3% since Monday and 11% from its high of $2.65 last week.Mega-Capped XRP Commanding RespectWith its $137 billion valuation, XRP currently ranks as the third-largest cryptocurrency by market cap. Interestingly, the coins cap swelled following its November-January run, fueled by optimism about regulatory clarity following Donald Trumps election victory.The optimism further escalated when the US Securities and Exchange Commission withdrew its enforcement action against Ripple and the XRP ecosystem. The Kraken report identified a growing market demand for XRP since the event, as retail and institutions develop traction towards the asset.In truth, the demand for XRP has increased recently, forcing prominent exchanges to incessantly roll out products offering exposure to the coin. For context, the CME Group recently launched CFTC-regulated XRP derivative futures product.Meanwhile, Japans leading Bitcoin exchange, bitFlyer, announced it would roll out leveraged XRP trading on its CFD platform as demand scales globally. Notably, BitMEX has also listed XRP for spot trading, confirming XRPs growing popularity and influence.XRPs Daily Volume Rivals Bitcoin and EthereumFurthermore, Kraken stated that XRPs daily spot volume across five major exchanges is now rivaling the two largest digital assets, Bitcoin and Ethereum. For context, its 24-hour turnover in the exchanges that make up the CME CF XRPUSD Reference Rate has reached $226.8 million, representing 24% of Ethereums and 11% of Bitcoins daily trading volume.Specifically, the average daily XRP volume stands at $152 million, with Kraken, LMAX, and Bitstamp recording $30.8 million, $26.4 million, and $17.6 million, respectively. According to the report, this shows an XRP market maturity beyond speculative bursts.
Text source: The Crypto Basic
