TLDR
- XRP has become the most traded cryptocurrency on Coinbase, surpassing Bitcoin and indicating growing U.S. investor interest
- Trading volume shows XRP accounts for 25% of Coinbase’s $6.86 billion 24-hour trading volume, compared to Bitcoin’s 20%
- XRP price has increased over 600% since November 2024, reaching $3.33
- Interest spiked after Ripple CEO Brad Garlinghouse’s meeting with President-elect Trump
- The number of addresses holding at least $100,000 in XRP has reached 108,540
The digital asset XRP has overtaken Bitcoin as the most traded cryptocurrency on Coinbase, marking a major shift in U.S. trading patterns. Data from Coingecko shows that XRP now accounts for 25% of Coinbase’s total 24-hour trading volume of $6.86 billion, while Bitcoin holds second place with 20%.
This development represents a notable change in trading behavior on America’s largest regulated cryptocurrency exchange. Ethereum (ETH) currently sits in third place for trading volume on the platform.
The trading pattern on Coinbase differs from that seen on Binance, the world’s largest cryptocurrency exchange by volume. On Binance, which does not serve U.S. customers, Bitcoin maintains its position as the most traded digital asset, with XRP in second place.
The surge in XRP trading coincides with a remarkable price increase. Since November 2024, XRP’s value has grown by more than 600%, reaching $3.33 – its highest level since 2017. This week alone has seen a 33% increase in valuation, according to data from CoinDesk and TradingView.
Market analysts point to several factors driving this increased interest in XRP. A key catalyst appears to be the recent meeting between Ripple CEO Brad Garlinghouse and President-elect Donald Trump. This high-profile interaction has attracted attention from both retail and institutional investors.
The growing speculation about the potential approval of a spot XRP exchange-traded fund (ETF) in the United States has also contributed to the increased trading activity. This follows the pattern seen with Bitcoin, where ETF anticipation has historically influenced trading volumes and price movement.
Data from trading platforms shows robust backing for the current price movement. Futures markets have recorded all-time high open interest levels, suggesting strong institutional participation in XRP trading.
The number of large XRP holders has also seen substantial growth. According to combined data from TradingView and CoinMetrics, there are now 108,540 unique addresses holding at least $100,000 worth of XRP, marking a new record for the cryptocurrency.
The Coinbase trading volume shift appears to validate earlier signals from the platform’s premium indicator, which suggested growing U.S. demand for XRP a week ago. This metric tracks the price difference between U.S. and international exchanges.
Trading patterns show particularly strong activity in the XRP/USD trading pair on Coinbase, highlighting the growing interest from U.S.-based investors. This contrasts with previous years where XRP saw more balanced global trading distribution.
The increased U.S. trading volume comes as Ripple, the company closely associated with XRP, continues to expand its payment network globally. While Ripple and XRP are technically separate entities, market movements often correlate with Ripple’s business developments.
Professional traders have noted the growing liquidity in XRP markets, particularly on U.S.-regulated exchanges. This improved liquidity has made it easier for larger traders to enter and exit positions without causing major price impacts.
Technical analysis of XRP’s price movement shows strong support levels forming at new price points, suggesting the market is adapting to the higher valuation range. Trading volumes have remained consistently high across multiple sessions.
Market data indicates that retail investor participation in XRP trading has also increased, with a growing number of smaller transactions being recorded on various exchanges. This suggests broad-based interest rather than movement driven solely by large investors.
The most recent trading data shows XRP’s 24-hour volume on Coinbase at $1.72 billion, compared to Bitcoin’s $1.37 billion and Ethereum’s $1.03 billion.
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