In a surprising shift in India’s crypto market, Ripple (XRP) emerged as the most-traded cryptocurrency during the first quarter of 2025, overtaking Bitcoin for the top spot, according to new data from CoinSwitch, the country’s largest digital asset platform.
Ripple Tops Trading Charts in India
XRP accounted for a commanding 13.3% of total trades on CoinSwitch between January and March 2025—an impressive leap that pushed the token up eight places since December 2024. The surge displaced Shiba Inu, which previously held the top position, signaling a shift in investor appetite amid evolving market trends.
Bitcoin, once the dominant choice among Indian crypto traders, slipped to second place with 8.4% of trades, followed by Dogecoin at 6.4%. The data also highlights strong activity in alternative assets like Solana (5.6%) and Ethereum (4.4%), with meme coins such as PEPE (3.1%) and BONK (1.1%) still drawing attention—though the latter dropped significantly in ranking.
“We’re observing more diverse trading behavior,” said Balaji Srihari, Vice President at CoinSwitch. “Indian investors are branching out beyond established tokens, with increasing interest in auto stocks of the crypto world—fast-moving, high-risk tokens like PEPE and BONK.”
Bitcoin Remains Top Pick for Long-Term Holdings
Despite XRP’s trading dominance, Bitcoin continues to lead when it comes to long-term investor holdings. It comprised 6.9% of total crypto assets held by Indian users, ahead of Dogecoin (6.6%) and Ethereum (5.2%). XRP also maintained a notable share in portfolios, alongside Shiba Inu, Cardano, Solana, and Polygon.
Notably, PEPE made its debut in the top 10 held assets, indicating a growing interest in newer coins with speculative upside. This reflects a broader trend where some investors are positioning for long-term gains while others seek rapid momentum plays—creating a layered and increasingly sophisticated investment landscape.
What’s Driving the Shift?
The report, based on trading patterns across 310 cryptocurrencies on CoinSwitch, suggests that the Indian market is maturing quickly. More investors are experimenting with different assets, balancing between stable, blue-chip tokens and speculative, high-volatility picks. The announcement of the Crypto Strategic Reserve by U.S. President Donald Trump in March—featuring XRP, Bitcoin, Solana, Ethereum, and Cardano—may have also added credibility and momentum to these assets globally.
As regulatory discussions intensify worldwide, including in India, the way investors engage with cryptocurrencies is becoming more nuanced. The data from Q1 2025 signals a new phase in India’s crypto journey—where informed speculation and long-term strategy now go hand in hand.
For more detailed information, visit the official CoinSwitch Research page.