Key Highlights:
- XRP is the most-traded cryptocurrency on Coinbase in the past 24 hours.
- Despite XRP's rise, Bitcoin remains the leading crypto on Binance.
- This shift reflects a growing interest in XRP among U.S. investors.
Overview:
XRP, the cryptocurrency ranked third by market capitalization, has overtaken Bitcoin (BTC) in trading activity on Coinbase (COIN), which is considered a reliable indicator for U.S. demand in the crypto market. Meanwhile, Bitcoin continues to be the top choice for traders on Binance, the largest crypto exchange by volume, which is not accessible to U.S. investors.
The trading volume shifts align with a notable resurgence in U.S. demand for XRP, primarily connected to the blockchain payment network, Ripple. A recent indicator pointed towards this trend, hinting at increasing interest in XRP following significant political events.
Recent Developments:
The spike in XRP's trading volume has been partly attributed to a meeting between Ripple's CEO, Brad Garlinghouse, and President-elect Donald Trump, as well as speculations surrounding a potential approval of a spot XRP exchange-traded fund (ETF) in the United States.
As per current data, the XRP/USD trading pair constitutes approximately 25% of Coinbase's total 24-hour trading volume, amounting to $6.86 billion, placing Bitcoin's pair at 20%. On Binance, XRP ranks as the second-most traded asset.
The price of XRP has surged over 600% since November, currently priced at $3.33, marking its highest value since 2017. This increase in valuation coincides with record trading activity and a rising number of large holders in the market.
