XRP Overtakes Bitcoin on Coinbase as U.S. Demand Grows

What to Know

• XRP overtakes Bitcoin (BTC) as the most-traded cryptocurrency on Coinbase over the past 24 hours.
• On Binance, Bitcoin retains the top spot, while XRP ranks second.
• The trend underscores growing U.S. investor interest in XRP amid speculation of regulatory breakthroughs.

XRP Leads Trading on Coinbase, Highlighting U.S. Demand

XRP has emerged as the most-traded cryptocurrency on Coinbase, overtaking Bitcoin (BTC) and Ethereum (ETH) in 24-hour trading volume. According to data from CoinGecko, XRP/USD accounted for 25% of Coinbase’s daily trading volume of $6.86 billion, compared to 20% for BTC/USD and less for ETH/USD.

This trend highlights a marked increase in U.S. investor interest in XRP, coinciding with broader adoption and speculative anticipation of regulatory developments.

On Binance, the world’s largest cryptocurrency exchange, Bitcoin continues to dominate trading volumes. However, XRP claimed the second spot, demonstrating its growing appeal globally.

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Ripple’s Momentum Post-Election and ETF Speculation

XRP’s resurgence is closely tied to Ripple, the blockchain-based payment network, and has been bolstered by recent events, including:

1. A meeting between Ripple CEO Brad Garlinghouse and U.S. President-elect Donald Trump two weeks ago.
2. Increased speculation surrounding the approval of a spot XRP exchange-traded fund (ETF) in the United States.

Following the U.S. presidential election in November, XRP has seen a staggering 600% increase, reaching $3.33 — the highest level since 2017. This week alone, the cryptocurrency has gained over 33%, supported by robust trading activity and institutional interest.

Institutional and Retail Support Drive Rally

XRP’s rally is backed by record levels of futures open interest and a significant spike in large holders. Data from TradingView and CoinMetrics reveals that the number of unique addresses holding at least $100,000 worth of cryptocurrency has risen to 108,540.

The Coinbase premium indicator hinted at this surge in U.S. demand, reflecting stronger retail and institutional participation in XRP trading.

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A Broader Shift in U.S. Crypto Preferences?

The divergence in trading volumes between Coinbase and Binance reflects regional differences in market trends. While Binance remains inaccessible to U.S. investors due to regulatory restrictions, XRP’s dominance on Coinbase suggests a shift in American retail and institutional crypto preferences, especially for payment-focused blockchain solutions like Ripple.

With XRP’s price recovery aligning with positive developments, including ETF speculation and Ripple’s ongoing efforts to strengthen its regulatory standing, its position in the market appears increasingly significant.