Coinbase has secured the top spot among XRP trading platforms, according to data revealed by XRP-focused expert SMQKE. The latest ranking, released on September 30, 2024, presents a breakdown of trading volumes and market shares across the five leading XRP-to-U.S. dollar exchanges.
Coinbase posted a total trading volume of 1,390,594,237 XRP, capturing 49.1 percent of the market. This gives the U.S.-based exchange strong dominance over XRP and sets its influence over the price and liquidity of the cryptocurrency. As the platform is well-regulated and listed on a public exchange, it is trusted by investors.
Its trading tools, broad user base, and consistent liquidity support have significantly secured this dominant position. Although the legal situation with XRP in the U.S. is unclear, Coinbase has continued to support the asset.
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Crypto.com and Kraken See Strong Volumes but Lag Behind Coinbase
Out of the top exchanges, Crypto.com had 708,146,379 XRP traded in a day, which was 25.05 percent of the market. The platform’s growth comes from its global reach, mobile support, and added perks such as cashback and lower user fees.
Offering a wide range of XRP pairings is part of what attracts casual traders and large users to this exchange.
Another 9.5 percent of the XRP volume went through Kraken, which dealt with 268,454,941 XRP. Kraken’s proven security and strict compliance have kept it reliable for those interested in trading XRP, even as other platforms pulled back. Its steady support during regulatory uncertainty has earned it long-term credibility.
LMAX Digital and Bitstamp Round Out the Top Five
LMAX Digital processed 203,020,459 XRP in fourth place, making up 7.18 percent of the Ripple market. The exchange, specially tailored for institutions, provides top-speed and substantial trading activity.
Bitstamp, one of the oldest crypto platforms, came in fifth with 190,473,389 XRP traded and a 6.74 percent market share. The exchange’s long-standing reputation for compliance and stability has kept it relevant among risk-averse users.
XRP Market Dominated by Few, Data Shows
Together, these five exchanges processed a total of 2,760,689,405 XRP in trades. More than 97.66 percent of XRP trades against the U.S. dollar happen on these platforms.
SMQKE finds that a small group of trusted platforms has the most significant impact on XRP trading. As XRP is used more for international and other practical purposes, such platforms are gaining considerable importance.
Conclusion
The prevalence of XRP trades on Coinbase represents wider patterns related to faith and effectiveness in the crypto trading world. When regulations are specific and XRP is traded more often, these top exchanges will likely continue influencing market actions.
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