XRP Surges 15% as Onchain Data Reveals ‘Banker Hours’ Trading Pattern

XRP operates around the clock, but its on-chain activity is increasingly concentrated during a period that resembles traditional financial market hours.
Around 23% of XRP transferred on the XRP Ledger now moves during a three-hour period covering the London afternoon and New York morning, up from approximately 14% a year ago, according to ledger data analyzed by treasury firm Evernorth and shared with CoinDesk.
The three-hour window represents just 12.5% of a full 24-hour period, meaning XRP activity during those hours is now occurring at nearly twice the pace that would be expected if transactions were evenly distributed throughout the day.
The period is particularly significant because it is the only part of the day when London and New York financial markets are open simultaneously. It also overlaps with the busiest period for global foreign-exchange trading, when liquidity from the two major financial hubs converges.
The concentration is visible across the three primary ways XRP is traded or transferred on the ledger: order-book activity, automated market maker pools and cross-currency payments routed through those systems.
However, the data does not reveal which type of participants are responsible for the activity. Retail traders, automated trading systems and institutional desks could all contribute to the pattern.
The London-New York overlap also coincides with several other factors that can naturally increase crypto activity, including the release of major market news, peak retail trading volumes on US exchanges and the period when arbitrage firms have their teams fully active.
Evernorth views the growing concentration as consistent with increasing institutional participation, although the company acknowledges that other explanations could also account for the trend.
“It’s the same window global FX concentrates in,” the firm said, noting that it is also the only period when the world’s two largest financial centers are simultaneously operating.
XRP climbed more than 15% over 24 hours to around $1.15 on Thursday, briefly reaching $1.16, as the broader crypto market rallied and Bitcoin moved above $72,000.
The latest price surge follows months of unusually large XRP orders that had little immediate impact on the token’s price.
Earlier this month, CoinDesk reported that average XRP spot trade sizes remained within its “big-whale” category even as XRP declined from roughly $2.40 in January to between $1 and $1.20.
That activity was interpreted as evidence of market absorption rather than a clear indication that XRP was preparing for an immediate breakout.