XRP Token Accounts for 82% of Australian Crypto Exchange Volumes

• XRP tokens dominate Australian crypto exchanges.
• XRP accounted for 82% of all cash volume on the Independent Reserve exchange.
• Crypto traders have bought and sold over $1.06 billion XRP worth in the last 24 hours.

According to Australian Financial Review, the Ripple blockchain token XRP now dominates the transaction volumes of local crypto exchanges. The report published early today revealed that over the last 24 hours, XRP accounted for 82% of all cash volume on the Independent Reserve exchange and 62% across Melbourne-based BTC Markets.

Caroline Bowler, the Melbourne-based Bitcoin Markets CEO, claimed XRP dominated trading volumes on the exchange because BTC Markets was Australia’s Ripple on-demand liquidity (ODL) partner.

Effectively, ODL helps companies manage cross-border payments without requiring correspondent banking and pre-funding costs. It uses XRP to help facilitate part of this process, hence the trading volumes on our platforms.

According to the market tracking platform, CoinMarketCap, the Ripple token is worth $0.3906, with a 7.72% increase in the past week. Crypto traders have bought and sold over $1.06 billion worth of XRP in the last 24 hours.

Similarly, the most popular crypto, Bitcoin, is now worth $21,272, with over 22% growth in the last seven days. According to a recent annual industry report by CoinGecko, Bitcoin was the worst-performing investment among other significant assets like crude oil and the US dollar.

The report claimed that since January 2022, the spot trade volume decreased by 67.3%, with the most significant quarterly loss occurring in the year’s fourth quarter. Nonetheless, 2023 is starting on a bullish note as over $200 billion has entered the crypto market in the last two weeks.

The global market cap is currently $992.83 billion, with $47 billion over the past 24 hours.