XRP trading volume spiked by more than 500%. However, there was no major movement in the price of the popular altcoin, causing many traders to speculate.
The volatile price action of any asset often leads to higher trading volumes because experienced traders trade large volumes to make a profit. Popular altcoin XRP managed to become one of the top earners on September 29 as its price surged by more than 20% following Ripple’s massive win in the ongoing lawsuit.
Koinfinans.com As we reported, the court persistently requests documents that the US Securities and Exchange Commission (SEC) wanted to keep in the Ripple case.
XRP VOLUME ALL TIME HIGH?
$26 Billion? someone preparing for a pump pic.twitter.com/k9Gqx5YzAs
— Alex Cobb (@AlexCobb_) October 1, 2022
Similarly, the increase in XRP volume may have been due to investors wanting to buy XRP at its current lows. Investors are probably rushing to take advantage of the opportunity presented by the recent XRP price change. However, trading volume is said by some observers to be an unreliable measure of investor positioning.
230 million XRP transfer
According to Whale Alert, a platform that tracks major cryptocurrency movements, a transfer containing hundreds of millions of XRP has been detected in the last 24 hours. As reported by Whale Alert, this time 231 million XRP moved between wallets in two different transactions.
First The transaction had 130,000,000 XRP worth $63,447,589 transferred between two unknown wallets, while the second transaction of 101,000,000 XRP worth $49,573,290 was later reported.
Meanwhile, another 23,999,900 XRP worth $11,489,021 transferred from an unknown wallet to FTX was done.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.