Ripple’s XRP Surpasses Bitcoin: In a surprising turn of events, Ripple’s XRP has overtaken Bitcoin as the most-traded cryptocurrency on Coinbase. This shift highlights a significant change in trading patterns and preferences among US investors1 Trump’s Policies Could Boost Bitcoin Prices.
The Rise of XRP
XRP’s trading volume on Coinbase now accounts for 25% of the exchange’s total 24-hour trading volume, which amounts to a staggering $6.86 billion. Bitcoin, which has traditionally held the top spot, now trails behind with a 20% share1. This surge in XRP’s popularity can be attributed to several factors, including political, speculative, and technological influences.
Factors Driving XRP’s Popularity
One of the key drivers behind XRP’s rise is the recent recovery in domestic demand. The Coinbase premium indicator, which measures US interest in cryptocurrencies, showed increased activity with XRP last week2. Additionally, the recent meeting between Ripple CEO Brad Garlinghouse and President-elect Donald Trump has sparked hopes for better regulatory support for XRP.
Market Dynamics and Future Outlook
XRP’s price has soared to $3.33, its highest level since 2017, marking a more than sixfold increase since November. Analysts have projected a bullish price trajectory for XRP, with some predicting a potential 5x rally Ripple’s XRP Surpasses Bitcoin targeting $152. The surge in trading volumes on major exchanges further signals robust market activity and growing confidence among high-net-worth investors.
Conclusion
While XRP leads on Coinbase, Bitcoin remains the most-traded asset on Binance, the world’s largest cryptocurrency exchange by volume. This development underscores the growing preference for XRP among US investors and the dynamic nature of the cryptocurrency market.As the market continues to evolve, it will be interesting to see how XRP’s performance compares to other Ripple’s XRP Surpasses Bitcoin cryptocurrencies and whether it can sustain its current momentum.
FAQs
Why did XRP surpass Bitcoin on Coinbase?
XRP surpassed Bitcoin on Coinbase due to a combination of factors, including increased domestic demand, recent political developments, and speculative trading. The meeting between Ripple CEO Brad Garlinghouse and President-elect Donald Trump also played a significant role in boosting investor confidence in XRP.
How does the trading volume of XRP compare to Bitcoin on Coinbase?
XRP's trading volume on Coinbase now accounts for 25% of the exchange's total 24-hour trading volume, which amounts to $6.86 billion. In contrast, Bitcoin's trading volume on Coinbase has decreased to 20% of the total trading volume.
What are the future projections for XRP's price?
Analysts predict a bullish trajectory for XRP, with some expecting a potential 5x rally targeting $15. The surge in trading volumes and increased interest from high-net-worth investors support these optimistic projections.
