XRP Overtakes Bitcoin in U.S. Trading Volume on Coinbase
XRP has surged to become the most-traded cryptocurrency on Coinbase, surpassing bitcoin (BTC) in trading volume. This marks a significant shift in volume trends, as the third-largest cryptocurrency by market value continues to draw growing U.S. investor interest.
On the global leader Binance, however, bitcoin remains the most in-demand asset, reflecting the exchange’s status as the largest platform by volume, which is not accessible to U.S. investors.
This surge in XRP’s trading volume aligns with the rising demand for the token in the U.S., supported by Ripple’s blockchain network and speculation surrounding a potential spot XRP exchange-traded fund (ETF). As highlighted by the Coinbase premium indicator, XRP has seen notable growth in the past week.
The uptrend in XRP began after U.S. President-elect Donald Trump’s victory in November, with further momentum from a meeting between Ripple CEO Brad Garlinghouse and Trump earlier this month. The growing optimism for a possible XRP ETF in the U.S. has also fueled the rise in interest.
At the time of writing, the XRP/USD pair accounted for 25% of Coinbase’s 24-hour trading volume of $6.86 billion. Bitcoin and ether (ETH) followed, with BTC/USD contributing 20% and ETH/USD in third place, according to data from Coingecko. On Binance, XRP held the second spot in terms of trading volume.
Since November, XRP has seen its price skyrocket by more than 600%, reaching $3.33, the highest level since 2017. The recent rally has been fueled by a surge in futures open interest and a significant increase in the number of large holders. Data from TradingView and CoinMetrics shows that the number of unique addresses holding at least $100,000 worth of cryptocurrency has climbed to 108,540.
