Santiment data shows anomaly taking place in XRP network again with trading volume spike
The end of the working week saw another anomaly in the XRP network. According to crypto analytics portal Santiment, during Friday’s trading session in the crypto market, trading volumes of the XRP token steadily increased until it reached 17.5 billion XRP and then broke the record in reaching 18.6 billion an hour later. However, the token’s typical trading volume does not exceed 1.5 billion XRP, on par with its closest neighbors in terms of capitalization, such as BNB, SOL and ADA.
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 of Jed McCaleb’s alleged influence on such a phenomenon are unlikely to be true. Even if the former head of Ripple stopped the process of selling his XRP and kept a small part of the tokens as an investment, such volumes would not have been enough to inflate the exchanges 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.
