Ripple (XRP) trading volume has been seeing a spike in the last 24 hours. The decision from the court led to an unexpected price move.
Court rejects SEC’s claims, Ripple (XRP) trading volume explodes
According to Santiments data, the XRP network recorded massive activity on Friday. In the last hour of the day, trading volume jumped sharply to $18.7 billion. The recent positive decisions of the court in favor of Ripple are causing the XRP trading volume to jump. According to the data, the trading volume of XRP was around $2 billion at the beginning of the day. However, it skyrocketed to $18.7 billion by the end of the day. Meanwhile, the token’s 24-hour trading volume currently stands at $1.15 billion.
😮 #XRPNetwork saw a major anomaly to end the week, with a rapid surge up to 18.7B in $XRP trading volume in the final hour of Friday (UTC time). This may be worth monitoring for some unordinary upcoming weekend price action. 📊https://t.co/5ohmnn81WE pic.twitter.com/G6g78itdMn
— Santiment (@santimentfeed) July 16, 2022
Meanwhile, the whale boat Whale Alert reported that some major transactions were in progress at the time. A whale bought $14.8 million worth of XRP on the cryptocurrency exchange Bitstamp. This transaction came as about $30 million worth of XRP was sent from unknown wallets to crypto exchanges.
Ripple prepares for volatility
Now investors are turning their attention to Ripple. XRP saw a significant increase in trading volume on July 15. This prepares the right environment for a big price move. Santiment also noted that XRP has seen a surge in interest on all major cryptocurrency exchanges late Friday. The analytics firm specifically confirmed that around 19 billion XRP tokens were traded between 02:00 and 03:00 on July 15. The firm says the spike in network activity could predict “unusual” price action for XRP.
From a technical standpoint, XRP is approaching a key resistance area after gaining 13.3% in the last three days. Meanwhile, the upper boundary of the parallel channel developed on the 100 hourly moving average and the four hour chart is preparing important hurdles near $0.35. XRP needs to gain enough momentum to break through this supply hurdle and trigger a bullish break from the $0.45 high to the 200 hourly moving average.
A rejection from the $0.35 resistance wall could invalidate the optimistic view. Not getting a share of this price level will cause selling pressure that pushes XRP below $0.32. If XRP loses this vital support area, it will deepen to $0.30 or even $0.25.
XRP investors got rid of this trouble
Ripple’s former CTO Jed McCaleb has sold a large amount of XRP since leaving the company. Meanwhile, the XRPs he received as compensation are now coming to an end. A report stated that McCaleb’s XRP tokens will run out by the end of July 16, 2022. This huge selling spree lasted for more than 8 years due to 9 billion XRP. cryptocoin.comWe have transferred the latest data from Jed McCaleb’s wallet in this article.
