XRP Trading Volume Suddenly Jaking More Than 500 Percent, What's Wrong?

JAKARTA After experiencing an increase of more than 10 percent in the last few days, currently XRP has corrected 6.2 percent in the last 24 hours based on Coiningecko data. Despite the decline, XRP's trading volume has increased significantly.

Data from CoinMarketCap shows that the increase in XRP trading volatiles reaches more than 500 percent. However, the increase did not trigger XRP's price movement. At the time of writing, XRP is trading at a price of Rp6,802 per coin. The price performance decreased by 7.08 percent.

Larger volatility generally leads to higher trading volume in any market as experienced traders buy and sell in large quantities for profit. XRP was the highest winner in the market on September 29 as its price jumped more than 20 percent after Ripple's big win in a feud with the ongoing US Securities and Exchange Commission (SEC).

In a recent court ruling, District Judge Torres ordered the SEC to hand over the email of its former employee, William Hinman, to Ripple, after many delays from the agency. Although a back blow to the SEC is expected by many, Ripple Public Advisor Stuart Alderoty hopes the sixth decision will be the final decision to allow access to Hinman documents.

Reported by U.Today, the increase in trading volume of XRP is likely due to a number of investors who buy XRP at the lowest position today. On the other hand, traders are also likely to be in a hurry to take advantage of the opportunities presented in XRP's volatility.

Meanwhile, according to a Whale Alert report, 231 million XRPs were transferred to other wallets in two different transactions. The first transaction had 130,000,000 XRP worth 63,447,589 US dollars transferred between two unknown wallets, while the second 101,000,000 XRP transaction worth 49,573,290 US dollars was reported hours earlier. Meanwhile, another 23,999,900 XRP worth 11,489,021 US dollars was transferred from an unknown wallet to FTX.