XRP Trading Vol Spikes As Court Denies SEC’s Claims

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XRP, Ripple’s native token price growth has been hindered by the ongoing lawsuit with U.S SEC. Recent positive rulings by the court in the favor of the blockchain firm have pushed the token to register a price surge.

XRP trading vol spike suggests big move

According to Santiments, the XRP network recorded some huge activity on Friday. A sharp jump up to $18.7 billion was seen in the token’s trading volume in the last hour of the day. This surge suggests some big price action over the weekend.

As per the data, XRP’s trading volume stood at around $2 billion at the beginning of the day. However, it skyrocketed to reach $18.7 billion by the end of the day. Meanwhile, token’s 24 hour trading volume now stands at $1.26 billion.

The Whale Alert reported that some huge transactions were carried out at the time. A whale accumulated $14.8 million worth of XRP tokens for the Bitstamp crypto exchange platform. While around $30 million worth of XRP tokens were sent from Unknown wallets to crypto exchanges.

XRP’s price has jumped by over 7% in the last 30 days. It is trading at an average price of $0.3405, at the press time. Despite the long running lawsuit the token is still holding a market cap of more than $16.46 billion.

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Jed McCaleb holding about to end

As per the report, XRP token become one of the top choices of the BSC whales. The biggest of the BSC whales are now holding more than $16 million worth of XRP tokens.

However, Ripple’s ex CTO Jed McCaleb has been on a selling spree since he left the organization. Meanwhile, his total holding is coming to an end. A report stated that McCaleb will run out of its XRP tokens by the end of July 16, 2022. This huge selling spree has taken more than 8 years.

Meanwhile, XRP holders’ lawyer has questioned this selling against the assertion of the U.S SEC.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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