XRP has emerged as the leading cryptocurrency by trading volume on Coinbase, surpassing Bitcoin (BTC) and Ethereum (ETH), which occupy the second and third positions, respectively. Meanwhile, Bitcoin continues to dominate trading activity on Binance, the largest cryptocurrency exchange by volume, which is not accessible to U.S. investors.
As the third-largest cryptocurrency by market capitalization, XRP's rise in trading volume on Coinbase—a platform often viewed as a barometer for U.S. market demand—signals a notable recovery in interest. This trend was anticipated, as indicated by the Coinbase premium indicator released a week prior.
The surge in XRP's popularity can be attributed to several factors, including heightened interest following Ripple CEO Brad Garlinghouse's recent meeting with President-elect Donald Trump. Additionally, speculation surrounding the potential approval of a spot XRP exchange-traded fund (ETF) in the United States has further fueled investor enthusiasm.
At the time of reporting, the XRP/USD trading pair accounted for 25% of Coinbase's total 24-hour trading volume of $6.86 billion, while the BTC/USD pair ranked second with a 20% share, and ETH/USD followed in third place, according to data from Coingecko. On Binance, XRP held its position as the second-most traded cryptocurrency.
Since November, XRP has experienced a remarkable price increase of over 600%, reaching $3.33—its highest level since 2017. Notably, this week alone, the cryptocurrency's valuation has surged by one-third, as reported by CoinDesk and TradingView. This rally is supported by unprecedented futures open interest and a significant rise in the number of large holders. Data from TradingView and CoinMetrics reveal that the number of unique addresses holding at least $100,000 in cryptocurrency has climbed to 108,540.
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