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.

XRP Approaches Key Support Level Again

The XRP/USD H1 chart shows that the price has been trending upwards, following a trend line. After reaching $3.40000, the cryptocurrency underwent a significant bearish correction. The $3.20250 level has served as support, with the price reacting multiple times at this point. As the price approaches this level once again, traders may watch for a potential bullish reversal pattern to go long.

Ripple Faces SEC Appeal, Donates $100K in XRP, Expands XRP Ledger Adoption in Japan

On January 15, 2025, the US Securities and Exchange Commission (SEC) filed an appeal challenging a federal court's ruling in its ongoing case against Ripple Labs. The SEC contends that the New York District Court erred in determining that XRP sold to retail investors was not part of an unregistered securities offering.

In other news, Ripple announced a $100,000 donation in XRP to support communities affected by the California wildfires. The donation will be directed to World Central Kitchen and GiveDirectly, nonprofit organizations aiding in immediate relief and long-term recovery. Entrepreneur Jared Isaacman has pledged to match the donation, potentially doubling the assistance.

Ripple's XRP Ledger is set to be adopted by all banks in Japan by 2025, as confirmed by SBI CEO Yoshitaka Kitao. This integration aims to improve cross-border payments and currency conversions, streamlining international remittances.

Ripple has also expanded its presence in decentralized finance (DeFi) through a partnership with Chainlink. The collaboration integrates Ripple's RLUSD stablecoin with DeFi applications on the Ethereum blockchain, offering trading and lending options.