One more instance added up to irregularities between XRP trading volume and price.
In normal circumstances, increasing trading volume directly impacts the trading price of any crypto asset. However, given the unknown reasons, XRP seems to not follow this general phenomenon. At some times, there were irregularities seen between the trading volume of XRP and its trading price, which happened again.
On Friday, crypto analytics firm Santiment reported that trading volumes of XRP tokens recorded a consistent rise. First it reached 17.5 billion XRP and then ended up breaking the record an hour later when it reached 18.6 billion XRP tokens. But surprisingly, there was no notable movement in the price of XRP.
The data stating – rise in XRP trading volume – makes it important to keep track of the price of crypto assets, given the anomaly between them. This instance does not take place usually where despite significant growth in trading volume of XRP, nothing notable happened on its trading price end. XRP prices have seen only an increase of 5%, that too was nothing significant given this growth falls within its normal limits.
Moreover, the dissimilarities in the pattern of trading volume and price of XRP also raises questions on the reason for growth in XRP’s trading volume. Several rumors cited this instance as the influence of former Ripple executive Jed McCaleb. However, this also can’t be true to a larger extent.
Many anticipated that once McCaleb would be done with the dumping off his XRP tokens, there could be a rally as an after effect, which did not seem to happen apparently. Although, it’s noteworthy that a former Ripple Executive has put a stop on selling XRP tokens under his possession while keeping a tiny amount to himself as an investment.
As far as claims are concerned that this instance could result in a trading volume surge, this may not be practically possible to make trading jump off by over 1,200% in such a short span. Some also put allegations of this instance being an act of insider trading. Although nothing can be said clearly for now regarding the same, given no significant proof is available yet to prove any such allegation or claim.
Source: https://www.thecoinrepublic.com/2022/07/18/xrp-trading-price-not-following-xrp-trading-volume-rise-continues/