Movement of hundreds of millions of XRP seen during last 24 hours
XRP trading volume suddenly increased by over 500%. However, the price of XRP did not make any major moves, leading many traders to speculate. At the time of publication, XRP was changing hands at $0.475, down 1.74% over the past 24 hours.
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 hand over the emails of his former employee, William Hinman, to Ripple, after much dragging from the agency. While many expected the SEC to retaliate, Ripple General Counsel Stuart Aldrotti expects the sixth decision to be the final one to allow access to 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 to the middle of the wallet
According to Whale Alert, a platform that tracks large cryptocurrency movements, another movement of hundreds of millions of XRP has been observed during the past 24 hours. This time around, 231 million XRP moved between wallets in two separate 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.
During this, another 23,999,900 XRP worth $11,489,021 was transferred from an unknown wallet to FTX.
