Data released by popular online trading application eToro reveals that XRP, the cryptocurrency used by Ripple Labs, is the most traded digital asset on its platform.
The data represents the most traded instruments on eToro in January 2019, measured by the number of unique open trades. Ripple’s XRP cryptocurrency racked up an impressive 29,991 unique trades in the month – about 10 percent higher than Ethereum (ETH) at 26,773, and 17 percent higher than Bitcoin (BTC) at 25,148.
The high level of trades also makes XRP the fifth most traded instrument on eToro, beaten only by Oil, Gold, Apple stocks and the NASDAQ-100 (NSDQ100).
Further data released by eToro reveals that approximately 11 percent of trades on its platform comprise digital assets, with 15 percent in traditional currencies and 56 percent in stocks. eToro is a multi-asset social trading platform that offers various financial instruments including high-risk derivatives such as CFD’s.
The XRP cryptocurrency has received a significant boost recently after being added to one of the largest cryptocurrency wallet providers in the world, Coinbase Pro. The listing makes XRP available for purchase and trade with USD, Euro, and BTC.
However, Coinbase has come under scrutiny for the listing after several critics pointed out that XRP does not comply with Coinbase’s own listing policy. Weekly crypto report Diar noted in its latest issue that since the Ripple corporation holds a majority stake of XRP, it breaches a Coinbase policy that reads: “The ownership stake retained by the team is a minority stake.”
XRP enjoyed a 10 percent boost in price on news of the listing two days ago, but has since dropped in value and is currently trading down 1.4 percent at $0.31.