XRP surpassed Ethereum in Coinbase’s Q2 retail transaction revenue, capturing 13% compared to Ethereum’s 12%.
This represents a significant shift from Q1, where XRP held a 10% revenue share versus Ethereum’s lower standing. Retail traders initially favored XRP following the SEC’s withdrawal of its appeal in the Ripple case, which provided crucial regulatory certainty for the asset.
Despite XRP’s retail momentum, Ethereum staged a robust institutional-led recovery. ETH posted a 38% quarterly price return driven by ETF inflows, rising institutional demand, and resurgent DeFi activity. As the quarter progressed, retail traders shifted attention back to Ethereum amid anticipation of spot ETF approvals and ecosystem developments.
Overall, Coinbase’s total transaction revenue fell 39% quarter-over-quarter to $764 million, reflecting evolving market trends. Regulatory catalysts proved pivotal: Ethereum simultaneously gained from legislative progress including the proposed GENIUS Act, highlighting how regulatory developments increasingly shape crypto investment patterns.