The GraniteShares 2x Long Coinbase Daily ETF (CONL) is experiencing significant upward movement, driven by a surge in the underlying asset, Coinbase Global Inc. (COIN). The primary catalyst for this rise is the increased trading volume and interest in XRP on the Coinbase platform, which has surpassed Bitcoin in trading volume. This shift in trading dynamics is largely attributed to heightened U.S. investor interest, fueled by Ripple's recent developments and speculation around a potential XRP spot ETF approval. Ripple's XRP has seen a remarkable price increase of over 600% since November, reaching its highest levels since 2017, which has contributed to the positive sentiment surrounding Coinbase.
Additionally, the broader cryptocurrency market is witnessing a rally, with shares of crypto stocks and Bitcoin miners trading higher amid a rise in Bitcoin prices. This overall positive momentum in the crypto sector is further supporting the upward trajectory of Coinbase's stock. The anticipation of Ripple's XRP Ledger being adopted by all banks in Japan by 2025 and its expansion into decentralized finance through partnerships are also bolstering investor confidence in Ripple and, by extension, Coinbase.
The current price of Coinbase Global Inc. (COIN) is $296.90, reflecting a 5.42% increase. The GraniteShares 2x Long Coinbase Daily ETF (CONL) has risen to $48.69, marking a 10.66% increase from the previous close.