XRP Overtakes Bitcoin, Ethereum and Coinbase With $2 Billion Volume Surge

by

As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the recent turn of events in the cryptocurrency market has left me both intrigued and somewhat amused. The temporary surge in XRP trading volume on Coinbase surpassing the combined turnover of Bitcoin (BTC) and Ethereum (ETH) is indeed a surprising development, especially considering the meteoric rise of XRP’s price over the past few weeks.

The trading volume of popular cryptocurrency XRP on the leading U.S. crypto exchange over the past 24 hours has temporarily exceeded the combined turnover of Bitcoin (BTC) and Ethereum (ETH) today. 

Based on figures shown on CoinMarketCap, during the specified timeframe, the trading volume of XRP on Coinbase was nearly $2 billion, making it over 20% dominant compared to the combined trading volumes of Bitcoin (BTC) and Ethereum (ETH), which were around $1.9 billion. Notably, XRP accounted for approximately 79% of this total volume.

The recent surge in XRP’s price might not seem as astonishing given the intense buzz surrounding it lately. In just a few weeks, this cryptocurrency has skyrocketed by almost 400%, and its increase hasn’t shown any signs of slowing down. This momentum has catapulted XRP to become the third largest crypto asset on the market, with a capitalization exceeding $140 billion. Crypto enthusiasts are now seriously debating whether this altcoin could potentially dethrone not only Ethereum but also Bitcoin itself.

Currently, trading activity on Coinbase is back to usual, and the daily transaction volume of Bitcoin and Ethereum combined surpasses that of XRP. However, XRP maintains its leading position with a current volume of approximately $2.086 billion.

The combined trading volume of XRP in all markets currently totals $50 billion, as reported by CoinMarketCap. This figure places XRP as the third-largest cryptocurrency, following the widely used USDt stablecoin and Bitcoin (BTC).

Read More

2024-12-03 18:31