XRP Beats BTC, SOL, and ETH on Binance, Coinbase, and Kraken in This Metric

XRP outperforms market leaders Bitcoin, Solana, and Ethereum on volume change across major exchanges such as Binance, Coinbase, and Kraken.

This is according to market data provided by Presto Research in its Daily Market Brief. The research assessed the volume change on nine of the top leading exchanges by trade volume. These platforms include Binance, the world’s largest; Coinbase, the largest in America; and Upbit, Korea’s biggest exchange.

XRP Sees Spikes in Trade Volume

Per the data, over a 24-hour period, XRP recorded a remarkable 410% spike in trade volume on Upbit. This marked its highest trade volume spike in any centralized exchange. The Crypto Basic has previously called attention to the massive interest that XRP commands in South Korea.

Most recently, XRP outpaced Bitcoin in trade volume across the entire Korean market. Interestingly, at the time, XRP’s trade volume on Upbit alone overshadowed Bitcoin’s volume on Korea’s five leading exchanges. For context, XRP had a $526 million volume on Upbit, while Bitcoin saw $282 million on the top five exchanges.

The latest spike in trade volume represents another round of growing interest in XRP among Koreans. Recall that interest within the Korean market was one of the major catalysts that triggered XRP’s July 2023 spike to $0.93.

Besides Upbit, XRP also recorded encouraging surges in trade volume across other exchanges, data suggests. There was a 287% increase on KuCoin and a 217% spike on Gate.io. Kraken witnessed a 216% rise, while Coinbase saw a 169% growth. XRP trade volume also rose 139% on OKX and 124% on Binance. 

BTC, SOL, ETH Observe Drops

Meanwhile, Bitcoin (BTC) saw a relatively modest increase in trading volume. Despite BTC’s dominant market position, its volume saw only a 60% increase in HTX and a 1.3% rise in Kraken. Bitcoin experienced declines on other platforms, such as Gate.io (-29%), Coinbase (-25.3%), and Kucoin (-23.6%). 

Ethereum (ETH) experienced a mixed reaction across exchanges. On Kucoin, ETH’s volume increased by 32.6%, and on Bybit, it rose by 10.8%. However, other major exchanges, such as Gate.io and HTX, saw significant declines of 38.5% and 37.7%, respectively. 

Solana (SOL) recorded an overall negative trend in trading volume across multiple exchanges. Notably, OKX saw a 21% decrease, Binance a 18.6% drop, and Upbit a 15.8% decline. The only exchange to record a positive change was HTX, with a minor increase of +1.3%. 

Other Market Trends

The data also highlights notable volume changes for other cryptocurrencies. Wrapped Bitcoin (WBTC) saw a significant 351.3% increase. Shiba Inu (SHIB) experienced a notable 207.1% volume surge, reflecting its growing appeal among retail investors as ecosystem developments push on.

Further, the chart spotlighted the overall market performance. The total market cap has shown fluctuations since January 2024, with a noticeable decline around April and a recovery trend starting in mid-June. Despite the volatility, the total market cap remains robust as it pushes toward the $2.5 trillion mark.

Note: The update was first spotted by @SMQKEDQG on X.