XRP News Today: XRP Surpasses Ethereum as Top Revenue Generator on Coinbase

XRP has emerged as the top revenue-generating asset on Coinbase, surpassing Ethereum for the first time, driven by a surge in trading volumes and regulatory clarity following its delisting and relisting in recent years [1]. According to Coinbase's Form 10-Q filed with the SEC on July 31, XRP accounted for 16% of total transaction revenue for the first half of 2025, outpacing Ethereum’s 15% [1]. This marks a significant shift in user behavior and trading activity, particularly on the spot and derivatives markets, where XRP has shown strong performance.

The rise of XRP on Coinbase reflects not only increased trading volumes but also a broader shift in retail investor sentiment. Bitwise Asset Management’s head of research, Ryan Rasmussen, noted on X that “Wow, XRP trading accounted for more of Coinbase’s trading revenue this year than ETH trading. Last year XRP wasn’t even broken out” [1]. This suggests a rapid adoption of XRP by retail traders, especially as Coinbase’s derivatives platform continues to expand.

Coinbase had removed XRP from its platform in 2021 due to the SEC’s lawsuit against Ripple, citing regulatory uncertainty. However, in 2023, XRP was relisted after a federal court ruled that the asset was not a security when sold on exchanges [1]. Since then, XRP has regained traction, contributing 13% of Q2 2025 transaction revenue—again surpassing Ethereum’s 12% [1]. The token’s resurgence has coincided with the expansion of XRP-related products, including nano XRP perpetual-style futures set to launch on Coinbase Derivatives on August 18 [1].

Coinbase’s focus on U.S. derivatives has also contributed to the momentum surrounding XRP. In its Q2 2025 shareholder letter, the firm highlighted that 75% of global crypto trading volume comes from derivatives, with the U.S. market representing a growing share. Coinbase Derivatives now offers 24/7 futures trading for BTC, ETH, SOL, and XRP, with weekend volumes approaching those on weekdays [1]. The addition of XRP futures is expected to further broaden market access for U.S. investors and increase speculative activity.

The broader crypto market, however, has experienced a short-term correction amid uncertainty over U.S. interest rates. On July 31, Bitcoin, Ethereum, and XRP all declined in value ahead of a key Federal Reserve decision, with the crypto market dropping 5.4% [2]. Despite the selloff, ETF flows remained strong, signaling continued institutional interest amid regulatory and macroeconomic challenges [2].

XRP’s rise on Coinbase raises questions about the sustainability of its performance in the face of macroeconomic headwinds and regulatory scrutiny. While Ethereum remains a dominant player in the blockchain ecosystem, the shift in retail trading preferences highlights the evolving dynamics of user engagement with different cryptocurrencies [1]. Analysts suggest that this trend could signal a broader re-evaluation of how traders interact with digital assets, particularly in a derivatives-dominated market.

Source:

[1] https://www.facebook.com/photo.php?fbid=734226959490515&set=a.130****63246274&type=3

[2] https://cryptoadventure.com/bitcoin-ethereum-and-xrp-slump-as-us-interest-rate-decision-nears