In a notable shift, Ripple‘s digital currency, XRP, has moved ahead of Bitcoin (BTC) to claim the top spot as the most actively traded cryptocurrency on Coinbase. This development suggests a growing fascination among American crypto investors towards XRP, which is native to the Ripple platform.
Interest in the company unexpectedly surged a few days following its CEO, Brad Garlinghouse’s meeting with the newly elected U.S. President, Donald Trump, where they discussed the possibility of incorporating additional digital assets beyond Bitcoin into a potential national cryptocurrency reserve.
XRP Overtakes BTC
Based on data from CoinGecko, at the current moment, the XRP/USD trading pair was found to have a 24-hour trade volume exceeding $1.67 billion. This amounted to approximately 23.57% of the total trade volume on Coinbase. Notably, this figure surpasses the BTC/USD pair’s trade volume, which stood at over $1.4 billion, accounting for around 19.84% of the total traded volume on the cryptocurrency exchange. This suggests that the XRP/USD pair is currently more actively traded than the BTC/USD pair on Coinbase.
On Binance, the top cryptocurrency position is held by Bitcoin (BTC), with XRP following closely behind in second place. It’s important to note that Binance does not currently support trading for American investors.
It’s plausible that multiple reasons have fueled the popularity of XRP among American and international investors. The imminent inauguration of Donald Trump as the U.S. president could potentially lead to a nationwide embrace of digital currencies like Bitcoin. Notably, a recent report indicates that the incoming administration may focus on domestic cryptocurrencies such as XRP, SOL, and USDC.
Indications point toward Trump’s administration potentially endorsing a local exchange-traded fund (ETF) based on XRP, allowing investors to invest in the third-largest cryptocurrency. Recent statistics from Polymarket suggest that 67% of bettors believe an XRP-supported ETP will be launched this year. Firms such as Bitwise, Canary Capital, and WisdomTree have already submitted applications for XRP ETF approval to the U.S. Securities and Exchange Commission (SEC).
Effect on XRP’s Value
Due to a surge of investors, XRP’s cryptocurrency value increased by over 4% to reach $3.31. Remarkably, this latest price point is getting near the record high ($3.4) it achieved back in January 2018.
In the case of Bitcoin, analysts anticipate that if XRP is indeed added to the nation’s strategic reserves at the suggestion of President Trump, it could propel the digital currency’s worth into uncharted highs.
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2025-01-17 15:28