XRP Network Sees a Sharp Rise in Trading Volume on Friday

Saturday, 16/07/2022 | 08:43 GMT by Bilal Jafar
  • Yesterday, a leading crypto address moved 50 million XRP to Bitstamp.
  • XRP’s current market cap stands at around $16 billion.
xrp

Santiment, an on-chain analytics platform, recently highlighted a significant surge in trading activity across the XRP network. On Friday, XRP trading volume reached 18.7 billion after a major boost in activity during the late hours of the day.

“XRP Network 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,” Santiment noted.

Yesterday, a substantial rise in whale activity was observed across the XRP network. A prominent crypto address transferred 50 million coins worth over $16.6 million from an unknown wallet to Bitstamp. According to Whale Alert, the mentioned transfer was executed on 15 July at around 22:27 UTC.

In a separate whale move on Friday, 40 million XRP coins were transferred from an unknown wallet to Bitso. The total value of the move stood at $13 million. Overall, 15 July was one of the most active days for the XRP network.

XRP’s Price Action

Due to the latest crypto winter, XRP saw a major decline in its value as the price has lost nearly 60% of its value in the past six months. However, the world’s 7th largest crypto asset has shown some resistance in the past 30 days. As a result, the digital asset is up by almost 6% in the last 4 weeks, compared to a dip of approximately 5% in Bitcoin.

On 16 June 2022, a crypto address moved almost 150 million XRP from Bithumb to an unknown wallet.

Santiment, an on-chain analytics platform, recently highlighted a significant surge in trading activity across the XRP network. On Friday, XRP trading volume reached 18.7 billion after a major boost in activity during the late hours of the day.

“XRP Network 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,” Santiment noted.

Yesterday, a substantial rise in whale activity was observed across the XRP network. A prominent crypto address transferred 50 million coins worth over $16.6 million from an unknown wallet to Bitstamp. According to Whale Alert, the mentioned transfer was executed on 15 July at around 22:27 UTC.

In a separate whale move on Friday, 40 million XRP coins were transferred from an unknown wallet to Bitso. The total value of the move stood at $13 million. Overall, 15 July was one of the most active days for the XRP network.

XRP’s Price Action

Due to the latest crypto winter, XRP saw a major decline in its value as the price has lost nearly 60% of its value in the past six months. However, the world’s 7th largest crypto asset has shown some resistance in the past 30 days. As a result, the digital asset is up by almost 6% in the last 4 weeks, compared to a dip of approximately 5% in Bitcoin.

On 16 June 2022, a crypto address moved almost 150 million XRP from Bithumb to an unknown wallet.

Topics
crypto
bithumb
XRP
About the Author: Bilal Jafar
Bilal Jafar
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Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.

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