XRP News Today: Coinbase Reports 17% Decline in Retail Crypto Trading Volume, XRP Emerges as Bright Spot

Coinbase, a leading cryptocurrency exchange, reported a challenging first quarter with a 17% decline in retail crypto trading volume to $78 billion, coinciding with an 11% drop in Bitcoin's value. The company's total revenue decreased by 10% year-over-year to $2 billion, and net income plummeted by 94% to $66 million. Despite these setbacks, XRP emerged as a significant bright spot for Coinbase.

XRP generated more transaction revenue for Coinbase than Ethereum (ETH) or Solana (SOL), contributing 18% of the company’s consumer trading revenue. This performance surpassed both ETH and SOL combined, trailing only Bitcoin in revenue contribution. Additionally, the value of XRP held on the platform surged by 458% year-over-year, as reported in Coinbase’s Securities and Exchange Commission (SEC) filing. This surge comes less than a year after the exchange resumed XRP trading following a court ruling in July 2023 that cleared Ripple of securities law violations for exchange-based sales.

XRP also led all cryptocurrencies in deposit growth on Coinbase in the last year, indicating renewed retail interest. While Bitcoin and Ethereum remain core holdings, with Bitcoin rising 35% in Q1 and Ethereum totaling $250 million in value, XRP’s momentum stands out as a potential catalyst for future growth. Coinbase’s overall performance was further impacted by nearly $600 million in unrealized losses on its crypto holdings, reflecting broader market pressures, especially following aggressive tariff policies that have contributed to global economic uncertainty.

In response to these challenges, Coinbase recently agreed to acquire crypto options exchange Deribit for $2.9 billion, signaling a push into derivatives to diversify revenue streams and stabilize earnings in volatile markets. This strategic move parallels rival Robinhood’s performance, which also reported a decline in crypto trading volume from $71 billion at the end of 2024 to $46 billion last quarter.

XRP is currently trading at $2.36 following a recent bounce, but technical indicators show mixed signals across timeframes. On the 1-minute chart, the RSI has climbed above 63, suggesting short-term bullish momentum. However, price action remains close to the upper Bollinger Band, often a signal for short-term exhaustion. Meanwhile, the MACD is just beginning a modest bullish crossover, indicating that upward momentum is building, albeit cautiously.

On the 30-minute timeframe, XRP appears to be stabilizing after a strong rally earlier this week. The RSI is neutral around 52, signaling a potential consolidation phase rather than a strong directional move. The Bollinger Bands are slightly widening, indicating rising volatility, while the price remains above the midline. However, MACD momentum is flattening, hinting that buyers may need more volume to push higher. Overall, XRP’s price recovery shows signs of strength, but momentum remains fragile. If bulls can hold above the $2.35 support level and push through $2.38 resistance, further upside could materialize. Otherwise, failure to sustain buying pressure may lead to another retest of the lower Bollinger Band near $2.33.