The post $438 Million XRP: Trading Volume Soars 9,640% on Coinbase as Ripple Sees Unprecedented Surge appeared on BitcoinEthereumNews.com.

XRP has witnessed an astonishing surge in trading volume on Coinbase, skyrocketing by 9,640% in just 24 hours. According to data from CoinGlass, XRP’s trading volume on the exchange reached an eye-popping $438 million as traders rushed to capitalize on recent market movements. This massive spike signals heightened interest in XRP amid increasing speculation over its future price trajectory. Market analysts suggest that such an unusual volume surge is often driven by a mix of institutional activity, strategic repositioning by traders, and reaction to broader macroeconomic developments. Institutional Interest and Market Dynamics The sudden increase in XRP’s trading volume coincides with growing institutional interest in the asset. A recent report by Fox Business correspondent Eleanor Terrett stated that depositary receipts of XRP may be sold in a few months, citing unnamed sources. Similar to American depositary receipts, this financial instrument gives investors XRP exposure without needing to purchase the asset from a cryptocurrency exchange directly. XRP trading volume on Coinbase recently soared 9,640% to $438 million. Source: Crypto Champ via X Anchorage, a federally chartered bank through the U.S. Office of the Comptroller of the Currency, or OCC, shall hold XRP DRs for a regulated, compliant way by which traditional investors can reach the crypto market. This would represent the bridge between TradFi and DeFi in a manner that furthers the legitimization of XRP within institutional portfolios. XRP Price Performance Amid Market Volatility Despite the high volume of trading, XRP’s price action remains volatile. The wider cryptocurrency market saw a steep drop after an initial rally inspired by the latest U.S. jobs data. At the time of writing, XRP changes hands at $2.42, down 4.49% in the last 24 hours. The asset had climbed as high as $2.54 but continues to fail at the key 50-day simple moving average (SMA)…

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Filed under: News - @ February 10, 2025 9:19 pm