XRP Overtakes Ethereum in Revenue on Coinbase
Coinbase’s latest earnings report shows a surprising turnaround: XRP has overtaken Ethereum in retail transaction revenue on the platform.
In Q2 2025, XRP accounted for 13% of Coinbase’s consumer transaction revenue, beating Ethereum’s 12%. Bitcoin still dominates with 34%, but XRP’s rapid growth is astounding. At one point during the quarter, XRP’s revenue share reached 18%, reflecting a significant increase in retail demand.
This marks a major turnaround for XRP, which was suspended from Coinbase for over two years due to an SEC lawsuit. Since its relisting in July 2023, XRP’s popularity among traders has skyrocketed.
Why Does XRP Generate More Revenue Than Ethereum?
Several key factors explain why XRP has now surpassed Ethereum in Coinbase revenue:
Retail Trading Surges: XRP’s price surged more than 60% in July to reach $2.92, generating strong interest from retailers.
ETF Hype: Speculation about a possible XRP spot ETF launch by year-end is fueling market optimism.
Whale Accumulation: Blockchain data shows significant whale activity, supporting XRP’s bullish sentiment.
Regulatory Clarity: US regulatory developments like the GENIUS Act and previous court victories have bolstered confidence in XRP’s long-term future.
Despite a 30% drop in overall spot trading volume and a 39% drop in transaction revenue on the platform, XRP’s retail-led momentum helped cushion Coinbase’s Q2 profit decline.