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 is seen as an indicator of US demand.
Bitcoin maintained its position as the most traded crypto asset on Binance, the largest exchange by volume, which is out of reach for US investors.
The volume trends are consistent with the recovery in US demand for XRP, which is closely linked to the Ripple blockchain-based payments network, as foreshadowed by Coinbase’s premium indicator a week ago.
Interest in XRP, the biggest winner following Donald Trump’s election victory in November, increased after Ripple CEO Brad Garlinghouse met with the president-elect almost two weeks ago. It has also been supported by speculation that a spot XRP exchange-traded fund (ETF) will be approved in the US.
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 took second place, contributing 20% and ETH/USD in third place, according to data source Coingecko. On Binance, XRP was the second most traded coin.
Since November, the price of the payments-focused cryptocurrency has risen more than 600% to $3.33, the highest level since 2017. The valuation has risen by a third this week alone, according to data from CoinDesk and TradingView.
The rally is supported by record open interest in futures and an increase in the number of large holders. Data tracked by TradingView and CoinMetrics shows that the number of unique addresses containing at least $100,000 in cryptocurrency has increased to 108,540.
