XRPs Explosive Growth Dominates Coinbase: Surpasses Bitcoin Volume with 7-year ATH
- XRP/USD pair accounts for 25% of Coinbases 24-hour volume.
- XRPs price increased by 600% since November to reach $3.33.
- XRP futures open interest rose by 8%, hitting $8 billion.
XRP has made waves in the cryptocurrency market, surpassing Bitcoin in trading volume on Coinbase. With its price hitting a seven-year high, speculation around its future is intensifying, making XRP a key player to watch in 2025.
XRP Soars on Coinbase
XRP has seen a surge in trading volume on Coinbase, surpassing Bitcoin in daily activity. The XRP/USD pair now accounts for over 23% of the exchanges 24-hour volume, totalling $1.7 billion. This marks a significant rise for XRP, securing its place as the third most traded cryptocurrency, just behind Bitcoin and Ethereum.
The trading volume for Bitcoin stands at $1.4 billion, making up 19.8% of Coinbases total. This increase in XRPs trading activity is tied to several factors, including its recent price surge. XRPs price has reached its highest level in seven years, contributing to a surge in speculative trading.
XRPs market momentum is further supported by its performance in the futures market. Over the past 24 hours, XRP short positions worth $18 million have been liquidated. Additionally, the total open interest for XRP futures has risen to $8 billion, reflecting an 8% increase.
Recent speculation around XRP has also intensified, especially with rumors that the U.S. government might establish a reserve using American cryptocurrencies like XRP. Although these reports are speculative, they have generated considerable debate in the cryptocurrency community. Experts caution that the reliability of such claims remains unverified.
Interest in XRP has been growing since November, driven in part by Ripple CEO Brad Garlinghouses meeting with President-elect Donald Trump. This meeting has sparked further speculation about XRPs future, including potential approval of a spot XRP exchange-traded fund (ETF) in the U.S. XRPs price has already increased by over 600% since November, reaching $3.33, the highest level since 2017.
The surge in XRPs value is accompanied by a notable increase in the number of large holders, whales and sharks. Data shows that the number of addresses holding at least $100,000 worth of XRP has climbed to 108,540. This rise in large holders suggests growing confidence in XRPs potential.
Currently, XRP ranks as the second-most traded cryptocurrency on Binance, reinforcing its growing market acceptance. The cryptocurrency has gained significant momentum, especially after the positive sentiment surrounding its recent price gains. XRPs performance on Coinbase and other platforms demonstrates its growing importance in the digital asset market.
Read more: https://www.tronweekly.com/xrp-surpasses-bitcoin-on-coinbase-in-volume/
Text source: TronWeekly
