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.Â
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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