The end of the work week saw another anomaly in the XRP network. According to the crypto analytics portal Santiment, during Friday's trading session on the crypto market, XRP token's trading volumes consistently rose until first reaching 17.5 billion XRP and then breaking the record by reaching 18.6 billion an hour later. However, the token's typical trading volume is no more than 1.5 billion XRP, on par with its closest neighbors in terms of capitalization, such as BNB, SOL and ADA.
😮 #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 urged us to keep a close eye on the price of XRP, which may have been unusually active due to an abnormal increase in the trading volume. However, nothing of the sort has happened, except for a 5% increase in XRP since Friday, which is generally within normal limits.
Rumors about Jed McCaleb's alleged influence on such a phenomenon are unlikely to be true. Even though the former Ripple official has stopped the process of selling off his XRP and kept a small portion of the tokens as an investment, such volumes would not have been enough to inflate trading by more than 1,200%.
Good news for XRP ahead?
Maybe it was a sign of insider trading or a test run for some corporate or banking project on the XRP network, especially since Ripple specializes in working with such institutions. Either way, it seems to be a rather positive sign, given that the jump occurred at the bottom of the XRP price. It will definitely be worthwhile to keep an eye on XRPL and Ripple activity now in order not to miss any news that could explain this anomaly.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin