XRP Trading Volume Surpasses Bitcoin on Coinbase Amid Rising U.S. Interest
Table of Contents
You might want to know
- How has XRP overtaken Bitcoin in trading volume on Coinbase?
- What are the factors driving increased interest in XRP among U.S. investors?
Main Topic
Recently, XRP has overtaken Bitcoin in trading volume on Coinbase, signifying a notable shift in investor interest within the United States. XRP, recognized as the third-largest cryptocurrency by market capitalization, has emerged as the most traded asset on Coinbase, a prominent Nasdaq-listed platform seen as a reflection of U.S. market demand. While Bitcoin maintains its lead in trading volume on Binance, the world's largest exchange, it is noteworthy that Binance is inaccessible to U.S. investors, which further emphasizes the increasing appetite for XRP among American traders.
This trend of growing volume aligns with renewed interest in XRP within the U.S., largely attributable to its association with Ripple, a blockchain-based payment network. The surge in demand was foreshadowed by the Coinbase premium indicator observed a week prior. Notably, interest in XRP surged significantly post the election of Donald Trump, particularly following a meeting between Ripple's CEO, Brad Garlinghouse, and the President-elect. This increasing interest is also fueled by speculation surrounding the potential approval of a spot XRP exchange-traded fund (ETF) in the U.S.
Currently, XRP/USD contributes to 25% of Coinbase's 24-hour trading volume amounting to $6.86 billion, outpacing the BTC/USD pair, which stands at 20%. According to data from Coingecko, the ETH/USD follows in third place. Meanwhile, on Binance, XRP remains the second-most traded coin.
Since November, the payments-focused cryptocurrency has seen its price soar, rising over 600% to attain $3.33, marking the highest level since 2017. With this remarkable growth, XRP's valuation increased by one-third in just the past week based on data gathered by CoinDesk and TradingView.
This rally is driven by record levels of futures open interest and a notable rise in the number of substantial holders. Statistics tracked by TradingView and CoinMetrics reveal that the count of unique addresses holding at least $100,000 worth of cryptocurrency has surged to 108,540. Such insights highlight the growing confidence and investment in XRP's potential among large-scale investors...
Key Insights Table
| Aspect | Description |
|---|---|
| XRP Supremacy | XRP's trading volume on Coinbase surpasses Bitcoin, driven by investor interest. |
| Price Surge | XRP's price has increased over 600% since November 2023. |
Afterwards...
Looking ahead, it remains crucial to observe how regulatory developments and technological advancements will shape the future role of XRP and similar cryptocurrencies in the global financial ecosystem. As cryptocurrencies continue to gain traction, the integration of digital assets into conventional financial systems presents both opportunities and challenges. The exploration of secure and efficient pathways for incorporating blockchain and cryptocurrency solutions... will likely drive further innovation and adoption in the financial industry.