A new report shows the popularity of cryptocurrencies on Coinbase exchange, as well as their trading activity. Details in the report suggest that Bitcoin, Ethereum, and XRP are among the most purchased cryptocurrencies in Coinbase.
The report also revealed that Ripple’s XRP had gained momentum among both financial as well as individual users. This is despite the altcoin experiencing a major drop in its price throughout 2019.
According to the Crypto Differ report, BTC was the most held asset on Coinbase, with an average hold time of 89 days. ETH followed right behind with a typical hold time of around 105 days.
When it comes to the trading activity of cryptocurrencies on Coinbase, XRP was ahead of other prominent digital assets in 2019.
About 76% of XRP was being bought, making it the highest bought cryptocurrency, and only 24% of the coin was sold. With 74%, BTC was the second most bought coin on Coinbase, and about 26% of the king was sold.
XRP and BTC Gaining Ground
Coinbase had published a report in early November that showed that more than 27 million people in the US own Bitcoin, which represents 9% of the total population. In addition, the Google Trends analysis service shows that interest in Bitcoin is growing much stronger.
This comes as Ripple announced a massive funding round last week. The $200 million Series C funding round, which was led by global investment firm Tetragon, could help more banks and money transmitters embrace XRP for international transactions.
According to Ripple CEO, Brad Garlinghouse, his company’s clients are using significant volumes of XRP to facilitate transfers of Australian dollars and Philippine pesos, and that the company is testing transfers of the Brazilian real.
These developments have contributed to XRP arguably having the strongest use case in 2019, the quantity and quality of which tower above that of other projects.
What’s next for the Ripple Community?
This year, 2019, has been a disastrous year for the XRP price, with the cryptocurrency experiencing a major drop in its price. And many resolute holders of the token are questioning whether things will get any better.
According to one Crypto analyst, the drop will continue, because he sees “XRP dumping” as a major source of revenue for Ripple and something that will continue as it profits the company.
He, however, pointed out that companies can still benefit from Ripple products without using XRP. But the underlying issue is much deeper, and one that deadlocks the token until the SEC rules on whether it is a security or not.
These quotes however are typical XRP FUD because of course the coin is by far the most used cryptocurrency for legitimate purposes and in 2020 it is only set to increase it’s market share of real world use. And no matter how hard the Bitcoin maximalists try and spin it, Bitcoin has zero chance of ever catching up.