XRP, the third-largest cryptocurrency by market capitalization, has overtaken Bitcoin (BTC) as the most-traded digital asset on Coinbase—a Nasdaq-listed exchange often viewed as a barometer for U.S. investor activity.
While Bitcoin remains the top-traded asset on Binance (the global volume leader), XRP’s dominance on Coinbase highlights shifting trends among U.S. investors. This shift aligns with a broader resurgence in XRP demand, previously signaled by the Coinbase premium indicator weeks earlier.
Key Drivers of XRP’s Surge
- Political Endorsement: Interest in XRP grew after Ripple CEO Brad Garlinghouse met with then-President-elect Donald Trump in late 2023.
- ETF Speculation: Momentum was further fueled by rumors of a potential spot XRP ETF in the U.S.
- Price Rally: XRP’s value skyrocketed over 600% since November, reaching $3.33—a peak unseen since 2017.
Trading Volume Breakdown (Coinbase)
| Asset Pair | Share of 24-Hour Volume |
|--------------|-------------------------|
| XRP/USD | 25% |
| BTC/USD | 20% |
| ETH/USD | Third |
Data sourced from Coingecko.
Market Dynamics Supporting XRP’s Rally
- Futures Activity: Record-high open interest in XRP derivatives.
- Whale Accumulation: Over 108,540 unique addresses now hold ≥$100,000 in XRP (CoinMetrics).
👉 Why XRP’s liquidity boom matters for crypto portfolios
Frequently Asked Questions (FAQs)
Q1: Why is XRP’s volume surpassing Bitcoin on Coinbase?
A1: U.S. investor interest spiked due to political engagements, ETF rumors, and Coinbase’s premium indicators signaling demand.
Q2: How does XRP’s performance compare globally?
A2: While XRP leads on Coinbase, Bitcoin remains #1 on Binance—reflecting regional demand differences.
Q3: Could an XRP ETF become reality?
A3: Speculation persists, but no official filings exist yet. Regulatory clarity will be key.
Analytical Note: The convergence of political influence, ETF hype, and institutional accumulation suggests XRP’s rally may sustain if market conditions remain favorable.