What to know:
- XRP is Coinbase’s most-traded cryptocurrency of the past 24 hours.
- Bitcoin retains the top spot on Binance.
- The discrepancy highlights a growing focus on XRP by U.S. investors.
On the well-known U.S.-based cryptocurrency exchange, Coinbase (COIN), which is often viewed as an indicator of American interest in digital assets, XRP, currently the third-largest cryptocurrency by market value, has now surpassed Bitcoin (BTC) as the most actively traded coin.
On Binance, the world’s top trading platform not accessible to American investors, Bitcoin continued holding its leading spot among cryptocurrencies with the highest trade volume.
The current volume patterns align well with the increasing demand for XRP in the United States, which has a strong correlation with Ripple’s blockchain-based payment system. As suggested by the Coinbase premium signal a week prior, this recovery was expected.
Following Donald Trump’s presidential win in November, there was a surge of interest in XRP, with this momentum picking up after Ripple’s CEO, Brad Garlinghouse, met with the president-elect about two weeks ago. Additionally, the possibility of a U.S.-approved spot XRP exchange-traded fund (ETF) has sparked further excitement among investors.
Currently, about a quarter of Coinbase’s daily trading volume of $6.86 billion is from the XRP/USD pair. The BTC/USD pair comes in second, accounting for 20%, while the ETH/USD pair follows in third place. According to data from Coingecko, this pattern also holds true on Binance, where XRP is the second-most actively traded coin.
Starting from November, the value of this cryptocurrency that primarily deals with payments has significantly surged more than six times, reaching $3.33 – its highest point since 2017. Interestingly, its market capitalization has grown by a third just within this week, as indicated by data from CoinDesk and TradingView.
The rally is supported by an unprecedented level of futures contracts and a surge in significant investors. According to TradingView and CoinMetrics, the number of unique crypto addresses holding over $100,000 worth of cryptocurrency has risen to 108,540.
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2025-01-17 11:52