XRP Sees Surge in On-Chain Volume and Development Activities
Blockchain analytics company Santiment reports a significant surge in on-chain volume for XRP, the cryptocurrency that powers Ripple’s cross-border payments solution. XRP has recorded its highest on-chain volume since February 1st, accompanied by a rise in development activities.
- XRP’s on-chain transaction volume reached 4.8 billion XRP
- Circulating supply hit 2.03 billion XRP
- Development activities for XRP have seen a significant boost
- XRP is currently trading at around $0.506
Landmark Ruling Boosts XRP-USD Price
The spike in the XRP-USD price chart is due to a landmark ruling in the SEC vs. Ripple lawsuit. The judge stated that XRP does not meet the Howey requirements to be considered an investment contract and clarified that Ripple’s programmatic sales of XRP did not constitute the offer and sale of investment contracts. This ruling led to significant market reactions, including Coinbase’s decision to relist XRP.
Fear and Uncertainty Impact Bitcoin’s Price
Santiment attributes Bitcoin’s recent price drop to fear, doubt, and uncertainty (FUD) regarding the potential rejection of spot Bitcoin ETF applications. This sentiment persists despite the SEC losing a lawsuit against Grayscale concerning the rejection of its Bitcoin ETF proposal.
Stablecoin Supply Held by Whales Could Indicate Bitcoin’s Next Move
Santiment suggests that the supply of stablecoins held by crypto whales may indicate Bitcoin’s next price move. Whales appear indecisive in accumulating stablecoins, which is often used to predict future cryptocurrency market trends.
Hot Take
The surge in on-chain volume and development activities for XRP indicates growing interest and activity in the cryptocurrency. The ruling in the SEC vs. Ripple lawsuit has had a positive impact on XRP’s price, highlighting the influence of regulatory decisions. Bitcoin continues to be affected by fear and uncertainty, while stablecoin supply held by whales could provide insights into future price movements.
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