- 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.
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.
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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.
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.
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