XRP, the third-largest cryptocurrency by market capitalization, has surpassed Bitcoin (BTC) as the most-traded digital asset on Coinbase. This development highlights a shift in US trading preferences on the Nasdaq-listed cryptocurrency exchange, often considered a barometer for domestic demand.

XRP’s price action shows resistance at the $3.35000 level, entering a bearish correction phase. Analysts are monitoring the $3.20250 level on intraday charts, which could indicate the next directional move for XRP/USD.

XRP Trading Volume Rises with Demand

The increase in XRP trading volume coincides with a broader recovery in US demand. This trend was foreshadowed by the Coinbase premium indicator, which suggested rising interest in XRP a week ago.

XRP’s popularity surged after Ripple CEO Brad Garlinghouse met with President-elect Donald Trump. Market speculation about the potential approval of a spot XRP exchange-traded fund (ETF) in the US has further fuelled interest.

XRP Surges 600%, Reaches $3.40

As of the latest data, the XRP/USD trading pair represented 23.8% of Coinbase’s 24-hour trading volume, amounting to $1.65 billion. BTC/USD and ETH/USD followed, accounting for 19.73% and smaller fractions, respectively. On Binance, XRP maintained its position as the second-most traded cryptocurrency.

Bitcoin continues to dominate trading volumes on Binance, the largest cryptocurrency exchange by volume, although it remains inaccessible to US investors.

Since November, XRP has experienced a price increase exceeding 600%, reaching $3.40, its highest level since 2017. This week’s valuation alone has grown by approximately one-third, according to CoinDesk and TradingView.

This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More

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