According to a new CoinGecko report, XRP liquidity is concentrated on three exchanges: Bitget, Binance, and Coinbase.
These platforms control approximately 67% of all trading activity close to XRP's market price. This means that most XRP buy and sell orders are on a few order books.
CoinGecko Report Reveals Surprising XRP Data
Initially, this may seem efficient. However, it means that XRP relies heavily on a few platforms to maintain liquidity.
If any of these exchanges encounter problems or reduce support, XRP traders may experience delays, slippage, and wider spreads.
CoinGecko analyzed the cost required to move XRP by 2 cents, which corresponds to approximately 1% of Ripple's price.
Bitget Leads XRP Trading... Narrow Price Range
Bitget shows the most liquidity in very small price variations. This means it is the easiest place to trade XRP, especially when moving funds without significant price changes.
However, Bitget's liquidity quickly decreases as it moves away from market price.
By the time it reaches a 2-cent range, Binance and Coinbase almost catch up in trading volume. This further emphasizes XRP's dependence on a few platforms.
Other exchanges like OKX, Bybit, Kraken, and Crypto.com play smaller roles. Their XRP order books are much thinner compared to the leaders.
XRP Lags Behind Solana in Liquidity and Trading Volume
A surprising finding in the report is that XRP lags behind Solana (SOL) in liquidity and trading volume, despite having a higher market capitalization.
Solana has about $20 million in trading depth within a $1 price range. This is stronger than XRP's $15 million within 2 cents. SOL recorded almost twice the trading volume of XRP during the research period.
This gap raises questions about the actual trading interest in XRP. A high market capitalization does not always mean strong market support.
In this case, SOL appears to show more consistent demand from active traders.
In summary, XRP's trading activity is strong but highly concentrated. Bitget, Binance, and Coinbase dominate liquidity, making the asset vulnerable to exchange-level risks.
Compared to Solana, Ripple's altcoin is less liquid and less traded. This could particularly impact price stability during market stress.
