XRP (XRP) Volume Surges on Coinbase as Bitcoin (BTC) Enters Consolidation Phase

XRP, the fourth-largest cryptocurrency by market capitalization, is seeing a volume surge on major cryptocurrency exchange Coinbase.

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 clocked a massive $1.06 billion in trade volume over the last seven days. This marks a 3,445% increase.

For context, the next largest trading pair on Coinbase over the period was Bitcoin, with $944 million in volume.

The data provider further noted that the total seven-day volume across all cryptocurrency trading pairs on Coinbase amounted to $9.99 billion.

Bitcoin reached new highs this week; however, it seems that the token’s price action might be spurring a shift in investor interest. Throughout this cycle, Bitcoin’s climbs have often been marked by periods of consolidation ahead of the next move higher, accompanied by rotation into altcoins.

As such, traders are now rotating into altcoins, with XRP particularly catching attention, especially among retail and U.S.-based investors.

An increase in volumes might suggest heightened 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 dropped quickly from above $111,000 to around $108,600, wiping out intraday gains and rattling broader market sentiment.

BTC’s drop was mirrored across the crypto market, with the market capitalization falling as traders sought to lock in gains amid increased volatility.

The Relative Strength Index (RSI) is now at 48, remaining in the lower midpoint of the neutral zone. This indicates that there is still some room for XRP to move lower before it becomes oversold.

A break and close 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.