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Bitcoin is being overtaken by Ripple’s XRP in transaction volume in the UK, according to investment platform Uphold.
Data from the Uphold website shows UK transaction volumes across all cryptocurrencies have leapt 16-fold during the first three months of 2021.
However, the most interesting twist in the data reveals that XRP’s transacted volume is at least eight times that of Bitcoin.
It is understood the huge increase in XRP volumes reflects the volatility introduced into the XRP price by the SEC’s complaint against Ripple Labs. XRP has swung from a low of $0.21 to a high of $1.91 in 2021.
Uphold continued to list XRP despite the SEC’s complaint, stating there had been no court judgment on the issue and therefore no change in US law.
Uphold serves almost six million customers in more than 150 countries. Based in Silicon Valley, it now manages more than $1.5 billion in customer assets, provides both consumers and businesses access to 46 digital assets, 27 national currencies, four precious metals and 50 fractional US equities.
The number of UK users signing up to Uphold has increased by 500 per cent in the last 12 months, with an average of 15,000 new customers per month in 2021 compared with around 2,500 throughout 2020.
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