HomeNewsXRP's On-Chain Surge and Development Activity Skyrocket: A Synchronicity?

XRP’s On-Chain Surge and Development Activity Skyrocket: A Synchronicity?

- Advertisement -
  • XRP kicks off September with its highest on-chain volume since February 1st and an exceptional spike in development activities.
  • The surge comes on the heels of XRP’s legal win against the U.S. SEC, deeming its automated open-market sales not to be securities.

Amid a landscape fraught with volatility and regulatory hurdles, XRP has not only held its ground but is experiencing a dramatic uptick in on-chain activity. Blockchain analytics stalwart Santiment reveals that Ripple Lab’s native asset started September with an unprecedented on-chain volume and an accompanying rise in development activity.

The Anatomy of XRP’s Explosive Metrics

For a more nuanced understanding, let’s dissect the numbers that encapsulate this surge. As per Santiment, XRP’s on-chain transaction volume reached an impressive 4.8 billion XRP, coupled with a circulation figure of 2.03 billion XRP. What lends credence to these metrics is the spurt in development activities around the 5th-largest cap asset in the cryptocurrency ecosystem.

- Advertisement -

Drawing on deductive reasoning, one could posit that this surge is no mere coincidence. It comes after XRP recently emerged victorious from a protracted legal tussle with the U.S. Securities and Exchange Commission (SEC), gaining the legal status that its automated open-market sales are not to be classified as securities. As of the time of writing, XRP trades at $0.496, marking a 1.09% increase in the last 24 hours.

>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XRP now. Visit Website <<

Santiment’s analysis doesn’t stop at XRP; it also takes a magnifying glass to Bitcoin (BTC). The analytics firm notes that Bitcoin has been trading at its lowest since June 16th, currently priced at $25,797—a 1.2% increase over the last day. Market sentiment around Bitcoin is replete with Fear, Uncertainty, and Doubt (FUD), especially in light of potential rejections of spot market BTC exchange-traded fund (ETF) applications. This pervasive sentiment of FUD persists even after the SEC’s legal loss against crypto firm Grayscale regarding a Bitcoin ETF application.

- Advertisement -

Lastly, Santiment probes into a metric often deemed a bellwether for crypto price direction: the accumulation of stablecoins by ‘crypto whales.’ According to the firm, these large holders are currently indecisive on stablecoin accumulation, a variable often used to predict crypto market movements. This lack of decisive action by whales lends further credence to the market’s prevailing uncertainty, foreshadowing Bitcoin’s next possible move to either $30,000 or $25,000.

Best Crypto Exchange for Everyone:

  • Invest in Ripple (XRP) and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
- Advertisment -spot_img