XRP Surges to the Top: Why It’s Now Coinbase’s Hottest Crypto!

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Ripple‘s coin, XRP, has seen a significant rise in popularity and trading activity, particularly on Coinbase. As reported by CoinDesk, the price of XRP has outperformed Bitcoin, making it the platform’s most actively traded cryptocurrency. The 24-hour trading volume for XRP stands at $22.87 billion, while Bitcoin trades at a volume of $61.80 billion. Despite this, it is important to note that Bitcoin still maintains a larger market capitalization than XRP, currently standing at $2.03 trillion compared to XRP’s $190.45 billion. The 24-hour volatility for XRP is 4.6%, while for Bitcoin it is 3.4%.

On the Nasdaq stock market, this cryptocurrency exchange is frequently viewed as a gauge for American interest in digital currencies like XRP. This recent achievement highlights a growing enthusiasm for XRP, which stems from various factors such as politics, speculation, and technological advancements.

XRP Rally on Coinbase and Market Dynamics

Currently, Ripple’s XRP leads in trading activity on Coinbase exchange, accounting for a quarter (25%) of the platform’s 24-hour trading volume, which amounts to $6.86 billion. Bitcoin (BTC) previously held the top position but now follows closely with a 20% share. Ethereum, represented by ETH and currently priced at $3,424, comes in third place, with a 24-hour volatility of 2.7% and a market cap of $412.73 billion, along with a 24-hour trading volume of $27.43 billion.

This change indicates an increasing preference for XRP among U.S. investors, boosted by a resurgence in domestic demand. The rise corresponds with the Coinbase premium index, which gauges American interest, demonstrating heightened XRP activity over the past week.

Currently, Bitcoin continues to dominate Binance, the global crypto exchange with the highest trading volume. XRP follows closely as the second most actively traded asset on this platform. The value of XRP has surged to $3.33, reaching its peak since 2017, and this represents a more than sixfold jump since November.

This week, I’ve seen an impressive 33% increase in the value of my token investments, which is quite thrilling! The surge can be attributed to a significant rise in futures trading and an influx of large holders. On-chain data reveals that now, there are approximately 108,540 unique wallets holding over $100,000 worth of XRP – a substantial number that adds credibility to this rally.

1) Confidence among wealthy investors is increasing, as indicated by this recent data. Furthermore, there’s been a surge in trading activity on significant stock exchanges, demonstrating a vigorous market pace.

Currently, when I’m typing this, the value of XRP stood at approximately $3.26. Over the past 24 hours, it has shown a rise of around 7%, according to recent market statistics.

Analysts have projected a bullish XRP price trajectory, with a potential 5x rally targeting $15.

Trump’s Victory and Garlinghouse’s White House Visit

As a researcher examining the crypto market’s trajectory, I can trace XRP’s extraordinary surge to immediately after Donald Trump’s presidential election win in November. In the wake of this event, XRP stood out as the most significant beneficiary in the post-election rally, skyrocketing more than 600% from the vote itself.

The gathering of Ripple’s CEO, Brad Garlinghouse, with the president-elect generated excitement, fueling expectations that there could be improved regulation backing for XRP, thereby enhancing its prospects.

The rumblings about the potential approval of a spot XRP exchange-traded fund (ETF) have sent shivers of excitement down investor spines. Should it indeed come to fruition, this development could symbolize a major breakthrough for XRP, paving the way for a surge in institutional investment.

According to Coinspeaker’s report, numerous individuals within the cryptocurrency community speculate that XRP might gain significance if the Trump administration decides to establish a digital currency reserve within the United States. They posit that such an action could potentially elevate XRP’s influence within the financial market.

The elevation of XRP to a prominent position on Coinbase signifies a fresh phase in its journey, as it steadily establishes itself as a formidable player within the cryptocurrency sector. This development is significant given the growing global interest in Ripple’s payment technology and the possibility of regulatory clarification approaching.

Although it’s uncertain whether XRP can maintain this current pace, its recent achievements underscore the swiftness with which the digital financial sector can evolve.

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2025-01-17 14:42