XRP Overtakes Bitcoin in Coinbase Trading Volume Amid Growing U.S. Interest

XRP has surpassed Bitcoin (BTC) in trading volume on Coinbase, reflecting a surge in U.S. investor interest in the cryptocurrency. While Bitcoin remains the top traded coin on Binance, the largest exchange by trading volume, its access is restricted for U.S. investors, leaving XRP as the leader on Coinbase, which serves as a key indicator for the U.S. market.

The increase in XRP trading volume coincides with growing optimism surrounding the cryptocurrency, which is closely associated with the Ripple network. This development follows the trends observed in the Coinbase premium indicator, signaling rising U.S. demand for XRP.

The rally in XRP follows a notable surge after Donald Trump’s election victory in November, further buoyed by Ripple CEO Brad Garlinghouse’s meeting with President-elect Trump. Speculation about the approval of a U.S.-based XRP exchange-traded fund (ETF) has also added fuel to the fire.

As of now, the XRP/USD trading pair accounts for 25% of Coinbase’s total 24-hour trading volume of $6.86 billion. Bitcoin’s BTC/USD pair takes the second spot with 20%, while Ethereum (ETH) ranks third. On Binance, XRP remains the second most traded asset after Bitcoin.

XRP’s price has climbed over 600% since November, reaching a high of $3.33, the highest it has been since 2017. A significant portion of this gain, a third of it, has occurred just in the past week. This rally is backed by a record surge in futures open interest and an increase in large holders. According to CoinMetrics and TradingView data, the number of unique XRP addresses holding at least $100,000 worth of the token has risen to 108,540.