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XRP Trading Volumes Suddenly Up 542%, What's Happening?

Sat, 10/01/2022 - 12:51
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Tomiwabold Olajide
Movement of hundreds of millions of XRP seen during last 24 hours
XRP Trading Volumes Suddenly Up 542%, What's Happening?
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XRP trading volume suddenly rose more than 500% per CoinMarketCap data. However, the price of XRP did not make any major move, leading many traders to speculate. At the time of publication, XRP was changing hands at $0.475, down 1.74% in the last 24 hours.

XRP (XRP), Courtesy: CoinMarketCap

Greater volatility generally leads to higher trading volumes in any market as seasoned traders buy and sell large quantities to capture profits. XRP was a top gainer in the market on Sept. 29 as its price surged more than 20% following Ripple's major win in the ongoing lawsuit.

In a recent court ruling, District Judge Torres ordered the SEC to turn over the emails of its former employee, William Hinman, to Ripple, after much foot-dragging from the agency. Though the SEC's counterpunch is expected by many, Ripple General Counsel Stuart Alderoty is hopeful that this sixth decision will be the final one to allow access to the Hinman documents.

Likewise, the rise in XRP volume may have been caused by investors wanting to buy XRP at its current lows. Traders have probably been scurrying to take advantage of the opportunity presented by the recent XRP volatility. The total number of units traded between buyers and sellers, or trading volume, is, however, said by some observers to be an unreliable measure of investor positioning.

230 million XRP moved in between wallets

A further movement of hundreds of millions of XRP has been seen during the last 24 hours, according to Whale Alert, a platform that tracks large cryptocurrency movements. This time, 231 million XRP moved in between wallets in two different transactions, as reported by Whale Alert.

The first transaction had 130,000,000 XRP worth $63,447,589 transferred between two unknown wallets, while the second transaction of 101,000,000 XRP valued at $49,573,290 was reported hours earlier.

Meanwhile, another 23,999,900 XRP worth $11,489,021 was transferred from an unknown wallet to FTX.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.