XRP Network Sees a Sharp Rise in Trading Volume on Friday

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 lost nearly 60% of its worth in the past six months. However, the world’s 7th largest crypto asset showed 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.

This article was written by Bilal Jafar at www.financemagnates.com.