XRP Volume Overtakes Bitcoin on Coinbase as U.S. Investor Interest Grows

XRP Volume Overtakes Bitcoin on Coinbase as U.S. Investor Interest Grows

XRP Leads Trading Volume on Coinbase, Bitcoin Dominates Binance Amid Growing U.S. Interest

By Omkar Godbole | Edited by Sheldon Reback
Jan 17, 2025, 8:38 a.m. UTC

What You Need to Know:

• XRP surpasses Bitcoin as the most-traded cryptocurrency on Coinbase.
• Bitcoin remains the top asset on Binance, which is inaccessible to U.S. investors.
• The rising demand for XRP points to increasing U.S. investor interest and speculation around an XRP ETF.

XRP, the third-largest cryptocurrency by market capitalization, has overtaken Bitcoin (BTC) to become the most-traded digital asset on Coinbase (COIN), the Nasdaq-listed cryptocurrency exchange widely seen as a barometer for U.S. demand. This shift in trading volume reflects a surge in interest around XRP, which is associated with the blockchain-based payment network Ripple.

On the other hand, Bitcoin remains the dominant cryptocurrency on Binance, the world’s largest exchange by volume, although it is off-limits to U.S. investors. The contrast in trading trends between Coinbase and Binance highlights the growing focus on XRP among American traders.

The increase in XRP's trading volume is consistent with the broader recovery of U.S. demand for the token, particularly after a Coinbase premium indicator showed a growing trend for XRP over the past week. This uptick follows key events such as Ripple CEO Brad Garlinghouse meeting with President-elect Donald Trump in early January, which helped fuel speculation about a spot XRP exchange-traded fund (ETF) being approved in the U.S.

As of the latest data, XRP/USD accounts for 25% of Coinbase's total 24-hour trading volume, which amounts to $6.86 billion. Bitcoin’s BTC/USD pair is in second place, contributing 20% of the total volume, followed by Ethereum's ETH/USD pair in third. On Binance, XRP ranks as the second-most traded cryptocurrency behind Bitcoin.

XRP’s dramatic rise in recent months has been striking, with the coin’s price surging more than 600% since November. As of today, XRP’s value stands at $3.33, its highest level since 2017. In just the past week, the cryptocurrency's price has climbed by 33%, according to data from CoinDesk and TradingView.

This rally is underpinned by a record-high futures open interest in XRP and a marked increase in the number of large holders of the token. Data from CoinMetrics and TradingView reveals that the number of unique addresses holding at least $100,000 worth of XRP has risen to 108,540, further fueling bullish sentiment surrounding the cryptocurrency.