A new CoinGecko report shows that XRP liquidity is heavily concentrated on just three exchanges — Bitget, Binance, and Coinbase.
Together, these platforms control around 67% of all trading activity close to XRP’s market price. This means most buy and sell orders for XRP sit on just a few order books.
CoinGecko Report Reveals Surprising Data on XRP
At first glance, this might seem efficient. But it also means XRP depends heavily on a small number of platforms to stay liquid.
If any one of these exchanges faces issues or lowers support, XRP traders could face delays, slippage, or bigger spreads.
CoinGecko’s analysis looked at what it costs to trade XRP within a small price move of two cents, which equals about 1% of its price.
Within that range, XRP shows about $15 million in available orders across eight exchanges. Two-thirds of that sits with the top three.
Bitget Leads XRP Trading at Tight Price Bands
Bitget shows the most liquidity at very small price movements. That means XRP is easiest to trade there if you’re looking to move funds without big price changes.
However, Bitget’s liquidity drops off quickly as you move further from the market price.
By the time you reach the two-cent range, Binance and Coinbase have nearly caught up in volume. This reinforces how dependent XRP is on just a few platforms.
Other exchanges like OKX, Bybit, Kraken, and Crypto.com play a smaller role. Their XRP order books are much thinner compared to the leaders.
XRP Trails Solana in Liquidity and Volume
One surprising detail in the report is that XRP lags behind Solana (SOL) in both liquidity and trading volume — despite having a higher market cap.
Solana has around $20 million in trading depth within a $1 price range, which is stronger than XRP’s $15 million within two cents. SOL also saw nearly twice as much volume as XRP during the study period.
This gap raises questions about how much real trading interest there is in XRP. Higher market cap doesn’t always mean stronger market support.
In this case, SOL appears to have more consistent demand from active traders.
To sum it up, XRP’s trading activity is strong, but highly concentrated. Bitget, Binance, and Coinbase dominate its liquidity, leaving the asset vulnerable to exchange-level risks.
Compared to Solana, Ripple’s altcoin appears less liquid and less traded. This could affect price stability, especially during market stress.
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