$438 Million XRP: Volume Skyrockets by Staggering 9,640% on Coinbase
2025-02-08
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XRP trading volume on Coinbase has skyrocketed, increasing by a staggering 9,640% in just 24 hours. According to CoinGlass data, XRP trading volume on the exchange increased to $438 million as traders capitalized on recent price movements.
Trading volumes often indicate traders' positioning. In the face of increased market volatility, traders may aim to profit. Traders may also enter or exit positions in response to recent market developments.
According to Fox Business correspondent Eleanor Terett, XRP depository receipts might soon be available for purchase.
The XRP depository receipts, like regular American depository receipts that represent shares of foreign firms, would indicate ownership of the underlying XRP without requiring investors to purchase the asset directly through a cryptocurrency exchange.
The advantages are comparable to those of an ETF, which allows investors to obtain exposure to an asset without having to purchase it directly through a foreign exchange or a cryptocurrency exchange. In a nutshell, it is another method of bridging the gap between TradFi and DeFi. The XRP DRs will be kept by Anchorage, a federally chartered bank regulated by the USOCC.
On Thursday, Cboe submitted numerous 19b-4 filings to list and trade the proposed XRP ETFs from Bitwise, 21Shares, Canary Capital and WisdomTree.
XRP price action
The overall cryptocurrency market remained mainly down on Saturday after a brief rally on Friday following the release of January job data. The crypto market then erased its gains as investors digested mixed U.S. jobs data that showed unemployment was lower but job growth slowed in the world's biggest economy.
XRP was down 4.49% in the last 24 hours to $2.42, having reached highs of $2.54 in Friday's session, and continues to trade below the key daily SMA 50 level at $2.62. XRP, the fourth largest cryptocurrency by market cap, remains down 19% on the week.
If the price rebounds, the first task for bulls would be to flip the key daily SMA 50 level at $2.62, which it once held as support but has since become resistance, into support again. If this is achieved, XRP would aim at $3 once again.
Another potential scenario is for XRP to remain in consolidation in between its daily moving averages 50 and 200 at $2.62 and $1.32, respectively. On the other hand, XRP might seek support near $2 if the price continues to fall.