XRP Volume Skyrockets on Coinbase With $1 Billion Surge: What's Going On?

XRP Sees Surge in Trading Volume on Coinbase Amid Market Volatility

The cryptocurrency market has been experiencing significant volatility, with Bitcoin reaching fresh all-time highs and altcoins like XRP attracting increased interest from traders. According to CoinGlass data, the XRP/USD trading pair on Coinbase recorded a remarkable $1.06 billion in trade volume in the last seven days, marking a staggering 3,445% increase.

The surge in XRP trading volume on Coinbase suggests that retail and U.S.-based investors are increasingly positioning themselves in the altcoin. This influx of interest and positioning could potentially signal a larger move ahead for XRP.

However, the crypto market turned red over the weekend, with major cryptocurrencies, including Bitcoin, experiencing profit-taking after a strong week. XRP fell to lows of $2.284 on Friday as Bitcoin, which had been trading above $111,000, dropped quickly to around $108,600, wiping out intraday gains and rattling broader market sentiment.

Despite the recent volatility, XRP remains stuck inside the $2.65 to $2 range, reflecting a balance of supply and demand. The RSI is near the midpoint, indicating that XRP may continue to trade within this range for a few more days.

A break and closure above $2.65 could complete a bullish inverse head-and-shoulders pattern, with a target price of $3.70. Conversely, a break below $2 might indicate bearish pressure, increasing the chance of a slide to $1.60, then $1.27.