XRP surpasses ETH on Coinbase amid rising demand and regulatory clarity
For the first time, XRP has surpassed Ethereum in trading revenue on Coinbase, according to the company’s 10-Q filing with the U.S. Securities and Exchange Commission (SEC) on July 31.
The disclosure shows that XRP accounted for 16% of total transaction revenue through the first half of 2025, compared to Ethereum’s 15%, reports Bitcoin News.
This milestone marks a major reversal in momentum, considering XRP wasn’t even reported as a separate revenue contributor last year due to its delisting amid regulatory concerns.
The comeback was made possible by a pivotal 2023 federal court ruling that XRP does not constitute a security when sold on secondary markets, prompting Coinbase to relist the token. Trading volumes for XRP have since surged, with the token contributing 13% of Q2 transaction revenue, once again edging out Ethereum at 12%.
Regulatory clarity and product expansion fuel XRP rally
XRP’s strong revenue performance is backed by both improved legal positioning and expanded trading products. Bitwise’s head of research Ryan Rasmussen called attention to the shift in a social media post: “XRP trading accounted for more of Coinbase’s trading revenue this year than ETH. Last year XRP wasn’t even broken out.” This shift has coincided with a broader crypto market trend favoring utility-focused assets with regulatory green lights.
Coinbase has leaned into the XRP resurgence by integrating the asset into its derivatives platform, which the company noted now facilitates 24/7 futures trading across BTC, ETH, SOL, and XRP. This operational flexibility has helped push weekend trading volumes close to weekday levels, underscoring the platform’s growing reach in a global derivatives-dominated crypto landscape.
XRP derivatives expansion poised to drive U.S. market growth
Looking to capitalize on the momentum, Coinbase Derivatives will launch nano XRP U.S. perpetual-style futures on August 18, aimed at expanding market access for American investors. In its Q2 shareholder letter, Coinbase emphasized that derivatives comprise 75% of global crypto trading volume, yet U.S. participation remains limited—highlighting a strategic gap the firm intends to fill.
The introduction of XRP futures aligns with Coinbase Institutional’s broader push to provide sophisticated trading tools for retail and institutional clients alike. If adoption follows global patterns, XRP’s position as a major trading revenue driver may become even more entrenched, especially as U.S. regulators move toward clearer digital asset frameworks.
Recently we wrote that leading U.S. crypto exchange Coinbase announced a partnership with JPMorgan Chase, aimed at expanding access to digital assets for the bank’s 80 million customers.
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