XRP, the third-largest cryptocurrency by market value, has recently made headlines by replacing Bitcoin (BTC) as the most-traded digital asset on Coinbase (COIN), a major cryptocurrency exchange listed on the Nasdaq. This shift indicates a notable change in demand dynamics within the U.S. cryptocurrency market.
While Bitcoin continues to hold its ground as the top trading asset on Binance, the largest exchange by volume, this platform remains inaccessible to U.S. investors, further emphasizing the significance of Coinbase in gauging American market interest.
Recent trading volume trends reveal a resurgence in U.S. demand for XRP, which is intrinsically linked to the blockchain-based payment network Ripple. This correlation was suggested by the Coinbase premium indicator just a week ago, underscoring the potential growth trajectory for XRP.
The increased interest in XRP can also be traced back to the aftermath of Donald Trump’s election victory in November and subsequent developments, notably a high-profile meeting between Ripple CEO Brad Garlinghouse and the president-elect. This engagement sparked renewed investor enthusiasm and speculation regarding the approval of a spot XRP exchange-traded fund (ETF) in the U.S., further fueling the cryptocurrency’s momentum.
As of the latest reports, the XRP/USD trading pair accounted for an impressive 25% of Coinbase’s 24-hour trading volume of $6.86 billion, positioning it at the forefront of market activity. Meanwhile, BTC/USD ranked second with a contribution of 20%, closely followed by ETH/USD. On Binance, XRP remains a formidable player as the second-most traded coin.
Since November, XRP’s price has surged over 600%, reaching $3.33—the highest valuation seen since 2017. Notably, this growth trajectory has accelerated significantly, with a one-third increase occurring just this week according to data from CoinDesk and TradingView.
The rally’s strength is further bolstered by a record level of futures open interest and a marked increase in large holders of XRP. Data from TradingView and CoinMetrics indicates that the number of unique addresses holding at least $100,000 worth of XRP has surged to 108,540, illustrating a growing confidence among significant investors.
