According to the cryptocurrency analysis portal Santiment, there is a rapid increase in the trading volume of Ripple (XRP). Experts see it as possible that this development will cause unusual price movement in the altcoin project.
XRP trading volume hits record! What does it portend for altcoin?
At the end of the workweek, another anomaly was seen in the XRP network. According to crypto analysis portal Santiment, during Friday’s trading session in the crypto market, there was an unusualness in the trading volumes of the XRP token. XRP trading volume has steadily increased until first reaching 17.5 billion XRP. It then broke the record by reaching 18.6 billion in an hour.
However, the token’s typical trading volume is on par with its biggest close neighbors such as BNB, SOL, and ADA. In other words, no more than 1.5 billion XRP. Regarding the subject, Santiment shared the following on his Twitter account:
XRPNetwork saw a rapid increase in XRP trading volume to 18.7 billion in the last hour of Friday. The altcoin suffered a major anomaly to end the week. This could be worth watching for some unusual upcoming weekend price action.
😮 #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
Santiment’s post allowed us to keep a close eye on the unusually active XRP price due to the abnormal increase in trading volume. However, there has been a 5% increase in XRP since Friday, which is generally within normal limits. So it wasn’t an unusual move.
According to experts, rumors about Jed McCaleb’s supposed influence on such a phenomenon are unlikely to be true. cryptocoin.com As you follow, the former Ripple official has stopped the process of selling his XRP. That is, he chose to keep a small portion of the tokens as an investment. However, according to experts, such transactions are not enough to inflate the volume by more than 1200%.
Good news for the upcoming XRP?
Perhaps this was a sign of insider trading. Or, it was a test run for some corporate or banking project on the XRP network. Because especially Ripple has specialized in working with such institutions.
Either way, it looks like a pretty positive sign, given that the rally is happening below the XRP price. According to experts, it is important not to miss any news that could explain this anomaly. Therefore, experts note that it will definitely be beneficial to keep an eye on XRPL and Ripple activity now. At press time, XRP was trading at $0.348, down 0.59% over the past 24 hours, according to data from CoinMarketCap. The altcoin is up 6.64% on a weekly basis.
