XRP, DOGE and XLM Regain Their Footing as Coinbase Premium Flips Positive

Major alternative cryptocurrencies XRP, DOGE and XLM are once again priced more or less the same on the Nasdaq-listed Coinbase and the offshore giant Binance, TradingView data shows.

This points to renewed participation of stateside investors in these markets, as these tokens were trading at a steep discount on Coinbase compared to Binance in the second half of December.

The above charts show the so-called Coinbase premium indicator for XRP, XLM and DOGE. It measures the spread between the dollar-denominated prices on Coinbase versus the tether-denominated prices on Binance. Tether is the world's largest stablecoin, with a value that is 1:1 to the U.S. dollar.

The Coinbase premium for the three tokens surged in early December as BTC's move to lifetime highs above $108,000 spurred risk-taking. BTC's uptrend, however, ran out of steam in the second half of the month as hawkish Fed expectations gripped the market, tempering bullish expectations in the altcoin sector.

The premium, then, quickly turned to a discount.