Approximately 67% of XRP liquidity is concentrated on just three exchanges — Bitget, Binance, and Coinbase. This indicates that XRP's liquidity is largely dependent on these platforms.
Although Solana has surpassed XRP in both liquidity and trading volume, its market value remains lower than XRP. However, such concentration of liquidity increases risks regarding the stability of XRP's price, especially in volatile market conditions.
The CoinGecko Report Presents Important Findings About XRP Liquidity
According to the newly published CoinGecko report, approximately 67% of XRP transactions occur on Bitget, Binance, and Coinbase exchanges. This means that a large portion of XRP's buy-sell orders is located only in the order books of a few platforms.
Initially, this situation can be interpreted as market efficiency. However, this high dependency can lead to issues such as delays in XRP transactions, price slippage, and wide spreads in the event of technical problems or liquidity reduction on any exchange.
The report also analyzed the cost of trading within a narrow range of two cents, corresponding to approximately 1% price movement of XRP. Within this range, there is a total liquidity of around 15 million dollars in XRP's order books, and two-thirds of this liquidity is found only on the three largest exchanges.
Bitget: Leader in XRP Liquidity in Narrow Ranges
Bitget stands out as the exchange offering the most liquidity in very small price movements of XRP. This means that trading can be done easily without significant price fluctuations. However, when the price range widens slightly, Bitget’s liquidity quickly decreases.
As the two-cent price range is approached, Binance and Coinbase are catching up to Bitget in volume. This clearly shows how dependent XRP liquidity is on just a few platforms.
Other major exchanges like OKX, Bybit, Kraken, and Crypto.com have a much smaller share in XRP transactions; their order books are quite thin compared to the leading exchanges.
Solana’s Superiority Over XRP
An interesting finding in the report is that Solana (SOL) is lagging behind XRP in terms of liquidity and trading volume. While Solana has around 20 million dollars of trading depth in a $1 price range, XRP remains around 15 million dollars in a two-cent range. Additionally, SOL has seen almost twice the trading volume of XRP throughout its lifespan.
This situation indicates that despite XRP’s high market value, the actual trading interest is more limited. A higher market value does not always mean more robust market support.
Solana seems to have a more consistent and stronger demand among active traders.
Conclusion: XRP’s Liquidity is Concentrated, but Risks Exist
Although XRP’s trading volume is strong overall, this activity is concentrated on specific exchanges. The liquidity dominance of Bitget, Binance, and Coinbase leaves XRP vulnerable to exchange-based risks.
Compared to Solana, Ripple’s token is less liquid and has fewer transactions. This situation can negatively affect XRP’s price stability, especially during periods of market stress.
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