Coinbase Steady as XRP Faces 11% Revenue Challenge Amid Rising Search Interest
Coinbase shares remained steady on August 12 as XRP saw a 1.2% decline in value, despite an increase in search interest.
The price of Coinbase Global Inc.'s stock hovered around $148.65, while XRP dropped to $1.0095, according to Google Finance and the SEC filing from the first quarter.
XRP accounted for 11% of Coinbase's spot transaction revenue during Q1, but this share did not translate into higher trading fees or a significant price move.
Coinbase increased its market share to 10.3% in Q2, but saw a decline of 21% in transaction revenue compared to the same period last year, with $599 million generated.
Wall Street's outlook is generally positive, with 18 out of 25 analysts recommending buying the stock and a consensus price target of $197.21, roughly 33% higher than the current intraday level.