XRP trades continuously, but blockchain data suggests that a growing share of its activity is now concentrated during a window that closely resembles traditional banking hours.
Nearly 23% of XRP transfers on the XRP Ledger occur within a three-hour period covering the London afternoon and New York morning. That share has increased from about 14% a year earlier, based on ledger data analyzed by treasury firm Evernorth.
The three-hour period makes up only one-eighth of a full day, yet it now accounts for almost twice as much XRP activity as would be expected if transactions were distributed evenly over 24 hours.
The timing coincides with the overlap between London and New York, two of the world’s largest financial centers. It also represents one of the busiest periods in global currency markets as liquidity from both regions comes together.
The increase in activity appears across XRP Ledger order books, automated market maker pools and cross-currency payment transactions.
Still, the data cannot determine whether institutions are responsible for the pattern. Retail traders, algorithmic systems and arbitrage firms could also generate similar activity.
The London-New York overlap is naturally a high-activity period for crypto markets because major US trading venues see heavier volumes, market-moving news is frequently released and arbitrage operations are typically running at full capacity.
Evernorth said the shift is compatible with greater institutional participation, although it noted that several other factors could explain the concentration.
The firm highlighted that the same time period is particularly important in global foreign exchange markets and is the only part of the day when London and New York are both fully active.
XRP gained more than 15% over 24 hours on Thursday, reaching around $1.15 after briefly touching $1.16, as Bitcoin pushed above $72,000 and the wider crypto market moved higher.
The rally follows a period in which XRP has seen unusually large transactions without a corresponding major price move.
Earlier this month, CoinDesk data showed that average XRP spot orders remained in the “big-whale” category even as the token fell from around $2.40 in January to a range between $1 and $1.20.
The sustained presence of large orders was viewed as a sign that the market was absorbing selling pressure rather than clear evidence that XRP was preparing for an immediate breakout.
