Ripple (XRP) network sees a flurry of trading activity going into the weekend.
In a tweet on Saturday, Santiment Feed reports a strange occurrence on the XRP network on Friday as it saw a rapid surge in trading volume of up to $18.7 billion, noting that we might see some exciting price movements this weekend.
“XRPNetwork 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 tweeted.
? #XRPNetwork 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. ?https://t.co/5ohmnn81WE pic.twitter.com/G6g78itdMn
— Santiment (@santimentfeed) July 16, 2022
The specific reason for the flurry of activity remains unclear. However, it is worth noting that this week has seen a lot of positive Ripple news. As reported by The Crypto Basic, the blockchain payments solution firm scored a big win in their case with the US SEC.
Notably, on Tuesday, the Magistrate Judge in charge, Sarah Netburn, ruled in favor of Ripple, denying the SEC’s claim of attorney-client privilege for documents regarding the controversial William Hinman speech. Consequently, it has strengthened the belief in a positive outcome for Ripple in the 2-year-long legal battle.
Moreover, there has been news of increased adoption of the XRP token and growth of NFT development on the network. For example, CryptoBar P2P, a Tokyo-based social platform, has added XRP as a payment method. NFTMaster has also announced that it has launched an NFT marketplace on the XRP ledger.
At the time of writing, the XRP token is down 1.52% in the last 24 hours and 2.86% in the last seven days. It is currently exchanging hands for $0.3344 on mainstream exchanges.
The network’s trading volume remains relatively low compared to the surge observed on Friday. The 24-hour volume currently sits at $1.22 billion. XRP remains the 7th largest crypto by market cap with $16.11 billion.
– Advertisement –
Source: https://thecryptobasic.com/2022/07/16/as-ripple-vs-sec-lawsuit-approaches-a-conclusion-ripple-sees-massive-surge-in-trading-volume-report/?utm_source=rss&utm_medium=rss&utm_campaign=as-ripple-vs-sec-lawsuit-approaches-a-conclusion-ripple-sees-massive-surge-in-trading-volume-report