XRP Dominates Coinbase Exchange Activity, Hits New Record High After Seven Years

On 17th January 2025, XRP/USD dominated activity on Coinbase, accounting for over 25% of its 24-hour trading volume.

The pair clocked in more than $1.7 billion in trades, easily outpacing BTC/USD which recorded $1.3 billion, or 19.6% of the total volume.

This surge in XRP trades propelled it to being the third most actively traded cryptocurrency, trailing only Bitcoin and Ethereum. In total, XRP amassed an impressive $20 billion in trading volume.

The momentum was further boosted by XRP's price action, reaching a new record high after seven years. According to CoinGlass, over $18 million in XRP short positions were liquidated in 24 hours. Moreover, the total futures open interest for XRP soared to $8 billion, indicating an 8% increase.

Speculation around XRP also heated up, especially with reports suggesting that the U.S. government might consider establishing a reserve involving American coins like XRP. This information, initially reported by the New York Post, generated significant buzz within the crypto community. However, analysts advised caution regarding the reliability of such claims.