XRP Surpasses Bitcoin in Coinbase Trading Volume Amid Growing US Interest

XRP has overtaken Bitcoin as the most actively traded digital asset on the Coinbase exchange, signaling increased interest from U.S. investors. Data from CoinGecko reveals that XRP/USD trading accounted for 25% of Coinbase’s $6.86 billion trading volume over the past 24 hours, exceeding BTC/USD’s 20%.

This shift indicates a growing focus on XRP among American investors. While Bitcoin remains dominant on other exchanges like Binance, U.S. users face restrictions on accessing that platform.

Several factors appear to be contributing to this surge in XRP's popularity. Speculation surrounding the potential approval of a spot XRP exchange-traded fund (ETF) has fueled interest, with companies like Bitwise and WisdomTree actively pursuing SEC approval. Market data from Polymarket suggests that a significant majority of bettors anticipate an XRP-backed ETF launch this year.

XRP's price has also seen substantial growth recently, increasing over 600% since November to reach a peak of $3.33, its highest level since 2017. This week alone, the price has risen nearly 33%, driven by strong futures open interest and an increase in large holders. CoinMetrics data indicates a rise in the number of addresses holding at least $100,000 in XRP, reaching 108,540.

The digital asset’s rise in interest coincides with ongoing legal proceedings between Ripple and the U.S. Securities and Exchange Commission (SEC). The SEC recently appealed a court decision that determined XRP sales to retail investors did not constitute unregistered securities offerings. This legal battle continues to be a key factor in XRP’s market dynamics.