With the last days of last week Ripple An unexpected activity was seen in the network. According to Santiment’s data, XRP trading volume initially rose to $17.5 billion, then this momentum did not diminish and broke a record, rising to $18.6 billion just one hour later.
“Ripple (XRP) network recorded a rapid and unexpected increase in trading volume in dollar terms to 18.7 billion in XRP at the last trading hour on Friday (UTC time). This is data worth watching with this abnormal rise over the weekend.”
The Ripple (XRP) Price May Increase
However, the token’s typical trading volume is no more than 1.5 billion XRP, on par with its closest competitors such as BNB, SOL and ADA.
The data shared by Santiment drew attention to the possibility of an extraordinary increase in price due to the abnormal increase in trading volume. But it hasn’t recorded anything significant except for a 5% increase in XRP since Friday, which is generally within the normal range.
The claims that Jed McCaleb’s latest statement had an impact on this movement may not be true. Even if the former Ripple official had stopped the process of selling his XRP and kept a small portion of the tokens as investments, such volumes would not have been enough to inflate the trade by more than 1200%.
Given Ripple’s work with institutions, it could be a sign of insider trading or test work for some corporate or banking projects on the XRP network. Considering that the bounce took place below the XRP price, it seems like a positive sign. It’s worth keeping an eye on XRPL and Ripple activity now to avoid any news that could explain this anomaly.
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.