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.
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 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.