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XRP Volume Overtakes Bitcoin on Coinbase as U.S. Investor Interest Grows
XRP leads volume trends on Coinbase, with BTC and ETH taking second and third places. On Binance, bitcoin is still the most in demand.
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.
XRP, the third-largest cryptocurrency by market value, has replaced bitcoin (BTC) as the most-traded digital asset on Coinbase (COIN), the Nasdaq-listed cryptocurrency exchange that's seen as a proxy for U.S. demand.
Bitcoin retained its position as most-traded crypto asset on Binance, the largest exchange by volume, which is off-limits to U.S. investors.
STORY CONTINUES BELOW
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Volume trends are consistent with the recovery in the U.S. demand for XRP, which is closely linked to blockchain-based payment network Ripple, as presaged by the Coinbase premium indicator a week ago.
Interest in XRP, the biggest gainer following Donald Trump's election victory in November, increased after Ripple CEO Brad Garlinghouse met the president-elect almost two weeks ago. It's also been supported by speculation of a spot XRP exchange-traded fund (ETF) being approved in the U.S.
At press time, the XRP/USD pair accounted for 25% of Coinbase's 24-hour trading volume of $6.86 billion. The BTC/USD pair ranked second, contributing 20% with ETH/USD in third place, according to data source Coingecko. On Binance, XRP was the second-most traded coin.
Since November, the payments-focused cryptocurrency's price has risen over 600% to $3.33, the highest since 2017. The valuation has increased by a third this week alone, according to CoinDesk and TradingView data.
The rally is backed by a record futures open interest and a spike in the number of large holders. Data tracked by TradingView and CoinMetrics show the number of unique addresses holding at least $100,000 worth of cryptocurrency has increased to 108,540.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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