Ripple’s native token, XRP, has seen a surge in trading volume across several centralized exchanges, including Binance and Coinbase, following its recent price increase to a nearly seven-year high of $2.77. The token now boasts a market cap of approximately $158 billion, surpassing both Tether’s USDT and Solana’s SOL.
On major exchanges, XRP accounts for a significant portion of trading activity. On Binance, it makes up 13.3% of total trading with a 24-hour volume of $7 billion, while on Coinbase, it comprises almost 30% of the total volume with a 24-hour trading volume of $3 billion.
The recent price surge has also led to a significant increase in FOMO (fear of missing out) among small retail holders. According to market intelligence platform Santiment, wallets with 1 million to 10 million XRP have accumulated 679.1 million tokens worth approximately $1.66 billion in just three weeks.
Ripple is now gearing up to launch a new USD stablecoin on its blockchain, with the New York Department of Financial Services expected to approve the product soon. The company is also exploring tokenization of real-world assets and partnering with Archax to bring financial instruments onto the XRP Ledger.
However, critics have long argued that the XRP Ledger lacks decentralization due to its consensus mechanism. Some, including Justin Bon, founder and chief investment officer of Cyber Capital, point out that the system relies on centralized lists of trusted nodes released by single parties.
Despite these concerns, XRP’s recent price increase has attracted significant attention from investors and users. As one analyst noted, “the top is near… at least a very sizeable correction is what we agree on like 20-25 percent in majors.”
Source: https://unchainedcrypto.com/xrp-becomes-the-top-traded-token-on-binance-and-coinbase-hits-almost-7-year-high