XRP, the third largest cryptocurrency on CoinMarketCap, has been keeping its distance from the volatility of the crypto-market, since it did not showcase any significant growth or loss during the market’s bullish waves or bearish runs. However, the crypto-community is speculating that something mysterious is going on under the covers, in the market.
Twitter user, @Cotswold Gent, noted something strange on XRPcharts and tweeted,
“So in the 2 years I have been following #XRP I don’t I have ever seen 24 hr payment volume higher than 24 hr traded volume.
Something BIG is coming!!!!”
Another Twitter user soon chimed in, pointing out that in November 2018, XRP’s payment volume reached $1 billion. However, the impact on the market wasn’t as visible then, as it could be now.
Other Twitter users speculated this to be lining up with escrow. However, @Cotswold_Gent, responded,
“If we hadn’t seen this sort of payment volume for the past 2/3 weeks, I’d agree, but I don’t sorry.”
The reason for the payment volume being larger than the trading volume could be due to escrow wallet movement and TOC purchases. However, recent XRP transactions of significant amounts, between various exchange wallets and unknown wallets, have been deemed suspicious by some.
Whale Alert, a tracker of large cryptocurrency transactions, alerted the community about 14 XRP transfers that took place from Ripple to multiple unknown wallet addresses. Whale Alert identified the sender’s wallet address, r9wz7EgGgMpvYqUHxVnaLhwsxohiQBcJkp, to be Ripple [Exchange].
The community speculates that a sudden pump in the price of XRP may be incoming. However at press time, the coin was valued at $0.4018, with a market cap of $16.95 billion. The 24-hour trade volume of the coin was noted to be $2.16 billion, as the coin plunged by 3.54% over the day. The coin fell by 9.46% over the past week and continued to fall by 0.48% within the hour.
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