Coinbase Sees XRP Volume Exceed Bitcoin as U.S. Investor Activity Increases

XRP Surges to Top Coinbase Volume as U.S. Investor Sentiment Soars

XRP has overtaken Bitcoin (BTC) as the most traded cryptocurrency on Coinbase, marking a significant shift in U.S. investor sentiment. While Bitcoin continues to lead trading volume on Binance, the global exchange inaccessible to U.S. traders, XRP has taken the lead on Coinbase, a key barometer of U.S. crypto demand.

This surge in XRP trading comes on the back of growing optimism around Ripple’s blockchain-powered payments network and a rally sparked by factors including Ripple CEO Brad Garlinghouse’s recent meeting with President-elect Donald Trump. Additionally, the ongoing speculation about a potential U.S.-based XRP exchange-traded fund (ETF) has added further momentum to XRP’s price increase.

XRP’s trading volume on Coinbase currently accounts for 25% of the exchange’s total 24-hour trading volume of $6.86 billion, with Bitcoin’s BTC/USD pair coming in second at 20%, and Ethereum (ETH) in third. Meanwhile, on Binance, XRP holds the second spot behind Bitcoin in trading volume.

Since November, XRP’s price has soared by over 600%, peaking at $3.33, its highest value since 2017. This price surge has been particularly notable this week, with XRP’s market valuation increasing by a third in just a few days. Furthermore, XRP’s growth is backed by a record surge in futures open interest and an uptick in the number of large holders. As of the latest data, the number of unique addresses holding over $100,000 worth of XRP has climbed to 108,540.