• XRP was the worst-performing altcoin in August.
• Offshore exchanges spurred selling pressure, while U.S.-based platforms saw buying demand.

The joys of the partial victory in the hotly contested legal battle against the U.S. Securities and Exchange Commission (SEC) were short-lived, as Ripple [XRP] nearly reversed all the gains in the August drawdown.

Is your portfolio green? Check out the XRP Profit Calculator

At press time, the payment-focused crypto lost nearly 21% of its value over the last month, data from CoinMarketCap revealed. Moreover, the collapse made XRP the worst-performing altcoin in the aforementioned period.

XRP outpaces other alts in trading volume

Plagued by negative sentiment, XRP traders rushed to lock in gains. As per crypto market data provider Kaiko, XRP recorded significantly higher trading activity in August vis-à-vis other alts.

In fact, XRP’s average daily volume during the month was a whopping $462.8 million, 4x times higher than the next-ranked Solana [SOL].

Offshore exchanges drive sell-offs

Interestingly, the bulk of the selling pressure was exerted by non-U.S. based exchanges, according to a recent report by Kaiko. Upbit, South Korea’s largest exchange and OKX had a sell volume ratio of over 50%.

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Author: Aniket Verma

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