XRP trading surges during London-New York banking hours as price jumps 15%

XRP price rises 15% amid unusual trading pattern

XRP, a cryptocurrency linked to the Ripple payment network, saw its price jump 15% in 24 hours to around $1.15. This increase comes as new data shows a growing concentration of XRP transactions during traditional banking hours in London and New York.

The XRP Ledger, the blockchain where XRP transactions are recorded, now processes nearly a quarter of its daily transactions in just three hours. This is when both London and New York financial markets are open at the same time.

Key numbers behind the trend

• 23% of all XRP transactions now occur during the three-hour London-New York overlap, up from 14% a year ago.
• This three-hour window represents only 12.5% of a full day, meaning activity is nearly twice as high as it would be if trading were evenly spread.
• The pattern appears across all types of XRP transactions: order books, automated market makers, and cross-currency payments.

What the data shows

Treasury firm Evernorth analyzed the XRP Ledger data and shared its findings with CoinDesk. The firm noted that the trading pattern aligns with the busiest period in global currency markets, when liquidity from both regions overlaps.

Evernorth stated, "It's the same window global FX concentrates in, and it's the only stretch of the day when the world's two biggest financial centers are open at once."

The data does not reveal who is behind the transactions. The pattern could be caused by institutional investors, retail traders, automated trading strategies, or other factors like news cycles and arbitrage activity.

What is confirmed

• XRP's price increased by 15% in 24 hours, reaching around $1.15.
• Nearly 23% of XRP transactions now occur during the three-hour London-New York overlap.
• This concentration has grown from 14% a year ago.
• The pattern is visible across all transaction types on the XRP Ledger.

What is still unclear

• The data does not show who is responsible for the increased trading activity during these hours.
• It is unclear whether the pattern is driven by institutional investors, retail traders, or automated systems.
• The exact cause of the recent price increase is not specified in the data.

Why this trading pattern matters

The shift toward traditional banking hours could suggest growing interest from institutional investors, who typically operate during these times. However, the data alone cannot confirm this explanation.

XRP's recent price increase follows months of large orders that previously had little impact on its price. Earlier this month, a report showed that average XRP spot order sizes remained large even as the price dropped from about $2.40 in January to the $1 to $1.20 range.

Sources

• CoinDesk