Latency to websocket server showing systematic periodicity, what could be the issue?

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I am connected to a third party websocket server. It sends the timestamp at which the server sent the data. Now calculating time_diff = local_time - server_time in milliseconds, I have observed that there is a very clear systematic and periodic nature of its graph. This is the graph: latency graph What could be the potential server side issue?

Note that the lowest point is ~40ms latency which is my network delay to the server. And the peak is at ~540ms = 500ms + 40ms. Also, the cycle length seems 10 minutes. So can this point to any determinable issue?

EDIT: Could this be due to Nagle's algorithm?

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