- XRP has overtaken Bitcoin as the most-traded cryptocurrency on Coinbase, reflecting growing U.S. investor interest driven by Ripple’s recent developments, including CEO Brad Garlinghouse’s meeting with President-elect Donald Trump and speculation of an XRP ETF approval.
- The cryptocurrency’s price has surged over 600% since November, supported by record futures open interest and increasing large-holder activity.
The cryptocurrency world has been buzzing with activity as XRP, the third-largest digital asset by market value, takes the lead over Bitcoin (BTC) as the most-traded cryptocurrency on Coinbase. This Nasdaq-listed exchange, often seen as a barometer for U.S. investor demand, reflects a significant shift in trading preferences.
XRP Dominates on Coinbase, Bitcoin Holds on Binance
While Bitcoin continues to dominate as the most-traded crypto asset on Binance, the largest global exchange, U.S. investors appear to have turned their focus to XRP. The XRP/USD trading pair now accounts for a staggering 25% of Coinbase’s 24-hour trading volume, which recently totaled $6.86 billion. By contrast, the BTC/USD pair contributed 20%, followed by ETH/USD in third place.
This trend aligns with a recovery in U.S. demand for XRP, partly driven by its association with Ripple’s blockchain-based payment network. Speculation around a potential spot XRP exchange-traded fund (ETF) approval has also contributed to the growing interest.
Ripple’s CEO and a Presidential Meeting
A key moment that may have fueled the rally was Ripple CEO Brad Garlinghouse’s meeting with President-elect Donald Trump. The meeting, which occurred almost two weeks ago, spurred renewed attention on XRP. Historical trends show that XRP has often benefited from significant political or regulatory events, with its price skyrocketing over 600% since November to reach $3.33—the highest level since 2017.
Growing Institutional and Retail Interest
The surge in XRP trading volumes is backed by strong fundamentals. Data from TradingView and CoinMetrics reveals that the number of unique addresses holding at least $100,000 worth of XRP has climbed to 108,540—a clear indicator of increasing interest from both institutional and retail investors. Additionally, a record spike in futures open interest further underscores the robust sentiment around the cryptocurrency.
The Road Ahead
As the cryptocurrency market continues to evolve, XRP’s recent rally and its overtaking of Bitcoin on Coinbase highlight the dynamic nature of investor preferences. With speculation around an XRP ETF and Ripple’s growing influence, the payments-focused cryptocurrency seems poised for sustained growth.
Whether this trend marks a lasting shift or a temporary spike, one thing is clear: XRP is firmly in the spotlight, with U.S. investors driving its remarkable ascent.
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