Another irregularity in the XRP network was seen at the end of the month. Trading volumes of the XRP token grew steadily throughout the trading period on Friday in the cryptocurrency market, first reaching 17.5 billion XRP and then breaking the record by surpassing 18.6 billion an hour later, according to the platform of cryptoanalysis Santiment.
As a consequence of an unexpected spike in trading volume, Santiment’s post warned us to keep a continuous eye on the XRP price, which may have seen abnormal activity. Barring a 5% rally in XRP since Friday, which is usually within normal ranges, none of that has happened.
It is doubtful that Jed McCaleb had any impact on this phenomenon, contrary to rumors. Such amounts would not have been enough to increase trading by more than 1,200%, even though the former Ripple official has stopped selling his XRP and has kept a tiny amount of the assets as holdings.
Will there be good news for XRP?
Since Ripple is focused on collaborating with financial institutions, this may be an indication of insider trading or a test for a corporate or banking initiative on the XRP network.
In any case, the rise seemed to be quite an encouraging sign given that the price of XRP was at its lowest point at the time. It is very important to be aware of all the movements of XRP since it can bring good benefits at the end of the month.