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Bitcoin is overtaken by Ripples XRP in UK transaction volume, according to investment platform Uphold.
Data from the Uphold website shows UK transaction volumes in all cryptocurrencies increased 16-fold in the first three months of 2021.
However, the most interesting twist of the data reveals that the volume of XRP transactions is at least eight times that of Bitcoin.
It is understood that the huge increase in XRP volumes reflects the volatility introduced into the XRP price by the SEC’s complaint against Ripple Labs. XRP has gone from a low of $ 0.21 to a high of $ 1.91 in 2021.
Uphold continued to list XRP despite the SEC complaint, stating that there had been no court ruling on the matter and therefore no change in US law.
Uphold serves nearly six million customers in more than 150 countries. Based in Silicon Valley, it now manages more than $ 1.5 billion in client assets, providing consumers and businesses with access to 46 digital assets, 27 national currencies, four precious metals and 50 fractions of US stocks.
The number of UK users signing up for Uphold has grown by 500% over the past 12 months, averaging 15,000 new customers per month in 2021, up from around 2,500 in 2020.
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