XRP Sees Massive Increase In On-Chain Volume Due To Rising Development Activity: Santiment
Blockchain analytics firm Santiment says XRP is seeing a massive spike in on-chain volume as development activity around the digital asset ramps up.
According to the market intelligence platform, XRP, the token linked to Ripple Lab’s payment platform, launched in September with the highest on-chain volume since February 1 and a significant increase in development activity.
“XRP is seeing major supply spikes at the start of the month. In addition to today’s milestones in on-chain transaction volume (XRP 4.8 billion) and circulation (XRP 2.03 billion), development activity for the fifth largest cryptocurrency asset has also surged.”
Source: Santiment/X
XRP, whose automated sales on the open market in July were classified as non-securities following a protracted legal battle with the Securities and Exchange Commission, is trading at $0.496 at the time of writing, up from 1 .09% in the last year equals 24 hours.
Looking ahead to the crypto king, Santiment says Bitcoin’s (BTC) recent decline, which has caused it to fall back to prices not seen since June, is due to Fear, Doubt and Uncertainty (FUD) in connection with the possible rejection of the spot market BTC is applications for Exchange Traded Funds (ETF).
The analytics firm also notes that the FUD will remain in place even after the SEC lost a lawsuit against Grayscale for rejecting the crypto company’s bid to create a Bitcoin ETF.
“BTC fell to $25,400 at the start of September, its lowest price since June 16. Traders are increasingly concerned that the SEC might not be ready to approve a spot Bitcoin ETF, even after Grayscale’s win. Expect FUD to at least dominate all weekend.”
Source: Santiment/X
Santiment is also studying the supply of stablecoins amassed by cryptowhales, as this indicator could herald Bitcoin’s next surge to either $30,000 or $25,000.
“Whales are particularly indecisive about accumulating stablecoins. A proven way to predict where crypto is headed next is to analyze large wallets to determine the ratio of stablecoins held in them. An increase in their purchasing power would signal an upswing.”
Source: Santiment/X
Bitcoin is trading at $25,797 at the time of writing, up 1.2% over the past day.
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