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$438 Million XRP: Volume Skyrockets by Staggering 9,640% on Coinbase
The XRP market has witnessed a shocking surge in volume, with over $438 million traded on Coinbase alone, a staggering 9640% increase from the previous day. This comes as a surprise to many investors and analysts alike, who were expecting a more subdued reaction to the mixed January job data.
Despite the initial rally following the release of the jobs numbers, the crypto market quickly erased its gains as investors digested the slower-than-expected growth in the world’s largest economy. However, it appears that the XRP community has bucked this trend, with trading volumes surging to unprecedented levels on Coinbase.
The sudden spike in volume suggests a strong rebound is underway for XRP, which had previously been down 19% on the week. The cryptocurrency currently trades at $2.42, having reached highs of $2.54 earlier in the day before settling back slightly.
In order to confirm this trend and determine whether it is sustainable, bulls would need to reclaim the key daily SMA 50 level at $2.62. If successful, XRP could potentially aim for the psychological barrier of $3 once again.
Alternatively, consolidation between the daily moving averages 50 and 200 at $2.62 and $1.32 respectively, or a potential support near $2 if the price continues to fall are also possible scenarios.
As investors continue to digest the recent job data and assess the implications for global economic growth, it remains unclear whether this surge in volume will hold or if XRP’s rally is simply an isolated incident.
Source: https://u.today/438-million-xrp-volume-skyrockets-by-staggering-9640-on-coinbase
