XRP Trading Volume on Coinbase Surges 9,640% in 24 Hours as Depository Receipts May Soon Be Available

XRP trading volume on Coinbase has surged dramatically, increasing by an extraordinary 9,640% in just 24 hours, according to data from CoinGlass.

XRP trading volume on Coinbase soared by an impressive 9,640% in 24 hours on Friday, reaching a substantial $438 million, as traders capitalized on the latest price movements in the cryptocurrency market.

The volume surged dramatically, highlighting traders' positioning, particularly during periods of market volatility, as they aimed to generate profits. Many traders adjusted their positions in response to recent developments with the aim of maximizing returns.

In related news, Fox Business correspondent Eleanor Terett reported on the potential availability of XRP depository receipts for purchase. These receipts, which are similar to American depository receipts for foreign companies, would represent ownership of the underlying XRP without requiring direct purchase through a cryptocurrency exchange.

The benefits of XRP depository receipts are comparable to those of exchange-traded funds (ETFs), allowing investors to gain exposure to the asset without directly acquiring it through traditional or cryptocurrency exchanges, offering another avenue to bridge TradFi and DeFi. The XRP depository receipts will becustodied by Anchorage, a federally chartered bank that is regulated by the U.S. Office of the Comptroller of the Currency.

On Thursday, Cboe submitted several 19b-4 filings to list and trade proposed XRP ETFs from Bitwise, 21Shares, Canary Capital, and WisdomTree.

Regarding XRP's price action, the broader cryptocurrency market was mostly down on Saturday following a brief rally on Friday sparked by January job data. Investors reacted to mixed U.S. jobs statistics, which showed lower unemployment but also slower job growth.

Currently, XRP was down 4.49% in the past 24 hours, trading at $2.42 after reaching a high of $2.54 in Friday's session. The cryptocurrency continued to trade below the key 50-day simple moving average (SMA) level of $2.62 and was down 19% for the week.

If the price were to rebound, bulls would need to convert the key SMA level of $2.62 from resistance back into support. Achieving this could pave the way for XRP to target the $3 mark again. Alternatively, XRP might consolidate between its 50-day and 200-day moving averages, currently at $2.62 and $1.32, respectively, while seeking support near $2 if downward pressure persists.