Advertisement
AD

Main navigation

Strange Activity Continues on XRP With Over 100 Million Tokens Traded Both Ways in Matter of Minutes

Advertisement
Wed, 20/07/2022 - 13:54
Strange Activity Continues on XRP With Over 100 Million Tokens Traded Both Ways in Matter of Minutes
Cover image via www.freepik.com
Read U.TODAY on
Google News

The end of last week, marked by the emptying of Jed McCaleb's toxic wallet, was accompanied by an abnormal increase in the volume of XRP transactions. Trading volume then held at 18.7 billion XRP for two hours, which was 1,200% higher than usual. 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.

Advertisement

It is worth mentioning that in the six hours prior to the Bitstamp transactions, $35.26 million worth of XRP was withdrawn from another major crypto exchange, FTX, according to WhaleAlerts, a crypto whale transaction-tracking portal.

How does the XRP price react to anomalous activity?

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.

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.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles