XRP, the fourth-largest cryptocurrency by market capitalization, is seeing a volume surge on major cryptocurrency exchange Coinbase.
According to CoinGlass data, the XRP/USD trading pair on Coinbase recorded a significant $1.06 billion in trade volume in the last seven days, marking a 3,445% increase.
Bitcoin achieved fresh all-time highs this week; in this cycle, Bitcoin’s climb has frequently been punctuated by periods of consolidation before the next move higher, accompanied by rotation into altcoins.
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As traders rotate into altcoins, XRP is attracting interest on Coinbase, particularly from retail and U.S.-based investors.
An increase in volumes might suggest increased interest and positioning, potentially signaling a bigger move ahead.
XRP price action
The crypto market turned red over the weekend, as major cryptocurrencies saw profit-taking after a strong week.
XRP/USD Daily Chart: TradingView
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.
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BTC’s drop was mirrored across the crypto market, with the market capitalization falling as traders sought to lock in gains amid increased 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 inside the range for a few more days.
A break and closure above $2.65 will complete a bullish inverse head-and-shoulders pattern, with a target price of $3.70. Alternatively, a break below $2 might indicate bearish pressure. This increases the chance of a slide to $1.60, then $1.27.