In continuation of Friday’s anomaly, XRP worth $40 million gets turned over on Bitstamp in matter of minutes
Last weekend, marked by the emptying of Jed McCaleb’s toxic wallet, was accompanied by an abnormal increase in the volume of XRP transactions. Trading volume then held steady at 18.7 billion XRP for two hours, 1,200% higher than usual. Today, however, the bizarre XRP affair continues as more than 100 million XRP worth around $40 million flowed in and out of the Bitstamp exchange within minutes.
It is worth mentioning that in the six hours prior to the Bitstamp transactions, $35.26 million worth of XRP was withdrawn from another major crypto exchange, FTX, according to WhaleAlerts, a crypto whale transaction-tracking portal.
How does XRP price react to abnormal activity?
It seems that such strange activity has almost no effect on the price of XRP. This is quite understandable, given that even 100 million XRP in current transactions is only 0.002% of the volume of tokens in circulation. In turn, Friday’s anomalies, proportional to 42% of the volume of tokens traded, may have had a positive impact, as the price of XRP has already increased by 14% since then until today.
However, given the general growth of the market over the weekend, we can hardly look for any secret trace here. Of course, large transactions and movements of crypto market whales often signal some impending events, but one should not overestimate them and build investment strategies relying solely on such statistics.
