XRP, XLM, and DOGE Gain Momentum Amid U.S. Demand Surge

This week, the cryptocurrency market experienced a noticeable positive trend, particularly with major altcoins like XRP, DOGE, and XLM seeing price recoveries.

On both Coinbase, the U.S.-focused exchange, and Binance, the global giant, these tokens are now priced similarly, according to data from TradingView. The price recovery follows a period of significant discounts on Coinbase in late December, which points to the re-engagement of U.S. investors in the market.

The Coinbase premium for XRP, XLM, and DOGE has been tracked, measuring the price difference between dollar-denominated prices on Coinbase and Tether-denominated prices on Binance. Tether is the world’s largest stablecoin, pegged to the U.S. dollar.

The premium surged in early December as Bitcoin (BTC) reached new all-time highs, driving increased risk-taking. However, as the bullish momentum in BTC faltered in the latter half of the month, driven by hawkish Federal Reserve expectations, altcoin enthusiasm also diminished, causing the premium to flip into a discount.