XRP Price Surges Over 15%: Why Are Transactions Concentrated During London-New York Hours?

XRP has surged by over 15% in 24 hours; on-chain data shows that transactions are concentrated in a three-hour window where the London and New York markets are open simultaneously.

The XRP price rose to approximately $1.15 on Thursday, briefly touching $1.16. The rally, which gained momentum as Bitcoin surpassed $72,000, coincided with a period highlighting a notable shift in transaction patterns on the XRP Ledger.

According to ledger data from treasury firm Evernorth shared with CoinDesk, 23% of XRP activity occurs during a three-hour window spanning the London afternoon and the New York morning. This rate stood at approximately 14% a year ago.

The time frame in question represents only 12.5% of a 24-hour day. Consequently, the concentration of transactions within this window is nearly double the level that would be expected if activity were distributed evenly throughout the day.

XRP transactions concentrating during London and New York hours

The same pattern is observed in the order books used on the XRP Ledger, automated market maker (AMM) pools, and cross-currency payments routed through these two structures. Evernorth states that this shift aligns with increasing institutional interest but emphasizes that the data does not reveal the identity of the transacting parties.

According to Evernorth, these hours stand out as the period when the global foreign exchange market is most concentrated and the only time when London and New York are open simultaneously. However, the concentration can also be explained by retail investor trades, automated strategies, accelerated news flow, high trading volume in U.S. stock markets, and the activity of arbitrage teams.

A previous CoinDesk report revealed that while the XRP price declined from approximately $2.40 to the $1-$1.20 range in January, average spot order sizes remained at the level of large whale transactions.