Ripple's XRP has overtaken Ethereum in transaction revenue on Coinbase for Q2 2025, accounting for 13% of consumer transaction revenue compared to Ethereum's 12%. This shift follows Ripple's legal victory in July 2023, which provided regulatory clarity and increased trader interest. Coinbase's total transaction revenue was $764 million, falling short of analyst expectations amid a broader decline in retail trading. Bitcoin remained the dominant cryptocurrency, generating 34% of transaction revenue. Speculation is mounting that BlackRock may file for a spot XRP ETF, with its Director of Digital Assets scheduled to speak at Ripple's Swell conference in November. This potential ETF filing is part of BlackRock's broader digital asset strategy, reflecting changing trading dynamics influenced by regulatory developments and market sentiment.