XRP Alert: XRP Trading Volume Mysteriously Jumps 1500%• July 21, 2022 2:48 pm • Comments
Last week marked a significant milestone for many XRP holders as it was revealed that Jed McCaleb had finally finished emptying his XRP wallet.
Directly after that was announced, it was observed that the trading volume of XRP spiked to an abnormal amount which indicates that something is going on.
For a period of 2 hours, the trading volume was at around 18.7 billion XRP which is around 1200% higher than usual.
Many are suspecting that this is whale activity that is responding to the news and may indicate a shift in the trend for XRP which has been ranging for some time.
— CryptoWhale (@CryptoWhale) July 16, 2022
Today, however, the strange business around XRP continues as more than 100 million XRP worth about $40 million entered and exited the Bitstamp exchange in a matter of minutes.
It is worth mentioning that in the six hours prior to the Bitstamp transactions, $35.26 million worth of XRP was withdrawn from another major crypto exchange, FTX, according to WhaleAlerts, a crypto whale transaction-tracking portal.
It seems that such strange activity has almost no effect on the price of XRP. This is understandable enough, given that even 100 million XRP in today’s transactions is only 0.002% of the volume of circulating tokens.
In turn, Friday’s anomalies, commensurate with 42% of the volume of tokens traded, may have had a positive impact, as the price of XRP has already risen 14% from then until today.
Some are also speculating that there are likely financial institutions that are involved here who are looking to accumulate more of the token during the current bear market.
After all, market history does show that times like these are usually the best opportunities to do so due to reduce demand from market fear.
With that being said, the increased trading volume has not yet had a significant impact to the price given the size of the market.
Investors can look at the data to make inferences, but additional research should be done before any investment decision.
The trading volume reached 18.7 billion XRP per hour being one of the highest levels reached within the past few months. The historical data indicates the high likelihood of serious price fluctuations following such a rapid growth in users’ activity…https://t.co/XfqbAgkvtm
— Michael (@val5linx) July 17, 2022
95,000,000 #XRP (35,259,397 USD) transferred from #FTX to unknown wallet
However, given the general growth of the market over the weekend, we can hardly look for any secret trace here.
Of course, large transactions and movements of crypto market whales often signal some impending events, but one should not overestimate them and build investment strategies relying solely on such statistics.
One thing is clear though and it is that sell pressure should be significantly reduced from now on now that one of the larger XRP wallets has emptied.
— Brown (@BrunoAssey) July 17, 2022
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