TLDR
- Coinbase reports XRP now represents 14% of trading revenue, surpassing ETH in Q4 2024
- XRP achieves third place in global liquidity rankings according to Kaiko data
- SEC begins formal 240-day review window for multiple XRP ETF applications
- Bloomberg intelligence suggests 65% probability of XRP ETF approval
- US exchange trading volumes show sustained growth since November 2024
The landscape of cryptocurrency trading in the United States has undergone a notable shift, with XRP emerging as a leading force in exchange-based activity. Fresh data reveals unprecedented trading volumes for the digital asset since late 2024, marking a new chapter in XRP’s market presence.
Recent financial disclosures from Coinbase paint a compelling picture of XRP’s market position. The cryptocurrency has carved out a 14% share of the exchange’s trading-based revenue during the fourth quarter of 2024, exceeding Ethereum’s contribution for the first time in the platform’s operational history.
The resurgence of XRP trading can be attributed to its restoration on major US trading venues following the resolution of legal challenges. The court decision that determined XRP’s exchange-based sales did not constitute securities offerings has catalyzed renewed market participation.
Analytics firm Kaiko’s latest market assessment positions XRP firmly in third place for global liquidity, following Bitcoin and Ethereum. Their comprehensive ranking methodology examines the relationship between market value and trading fluidity, with XRP joining an elite group alongside Bitcoin, Ethereum, and Solana as the only digital assets showing proportional liquidity to market capitalization.
Market attention has intensified with the introduction of multiple XRP exchange-traded fund proposals. Asset management companies have submitted applications for these investment vehicles, following the regulatory pathway established by successful Bitcoin and Ethereum ETF launches in 2024.
The Securities and Exchange Commission has initiated its formal evaluation process for XRP ETF applications, starting a 240-day examination period. This regulatory development has attracted attention from both individual and professional market participants.
Industry analysts from Bloomberg, including Eric Balchunas and James Seyffart, have calculated a 65% likelihood of XRP ETF approval. Their analysis indicates potential for improved odds should ongoing regulatory matters reach resolution under updated SEC leadership.
Trading platforms have documented increased market engagement as the ETF review progresses. Historical patterns from the Ethereum ETF approval in May 2024 suggest the possibility of amplified trading activity and price movement as decision dates approach.
Market Analysis
Market data indicates evolving XRP trading dynamics since its exchange reinstatement. Volume patterns show steady expansion during US market hours, reflecting growing American market participation in XRP trading activities.
Professional trading entities have expanded their XRP market operations, contributing to enhanced liquidity conditions. This institutional engagement has fostered more robust trading environments with improved price discovery mechanisms.
Technical market indicators demonstrate maturation in XRP trading conditions. Exchange data reveals that substantial orders can now be executed with reduced market impact, suggesting deeper market capacity.
Trading activity spans both spot and derivatives markets, with futures and options trading showing increased adoption. This diversification indicates more sophisticated market approaches among participants.
Exchange reports indicate reduced trading costs through narrower bid-ask spreads for XRP pairs. This development has supported increased algorithmic trading participation in the market.
The distribution of XRP trading activity has evolved, with US trading venues gaining market share. While Asian markets historically led XRP trading volumes, US exchanges now command a larger portion of global trading activity.
February 2025 trading metrics show sustained high-volume activity for XRP. The SEC’s official acknowledgment of XRP ETF applications on February 10, 2025, has maintained elevated trading levels across US exchanges.
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