- Blockchain analytics firm Santiment reports a significant increase in on-chain volume and development activity for Ripple’s XRP token.
- The firm suggests that Bitcoin’s recent dip is due to ongoing FUD surrounding the potential rejection of spot market BTC following Grayscale’s lawsuit against the SEC.
- Santiment highlights that whales are uncertain in their accumulation of stablecoins, which could be an indicator of what might happen in the market.
Blockchain analytics firm Santiment has noted a significant uptick in on-chain volume and development activities for Ripple’s XRP token as crypto-related development activities increase.
The firm also suggests that the recent dip in Bitcoin’s price is due to ongoing fear, uncertainty, and doubt (FUD) following Grayscale’s lawsuit against the SEC. Additionally, Santiment points out that whales are showing uncertainty in their accumulation of stablecoins, which could serve as a market indicator.
Significant Metric Increase in Ripple!
According to the market analytics platform, XRP, the token associated with Ripple Lab’s payment platform, has started September with the highest on-chain volume and a significant increase in development activities since February 1. The analytics firm stated that XRP is seeing significant benefit increases as it starts the month. This includes a 4.8 billion XRP on-chain transaction volume and 2.03 billion XRP in circulation. The development activity for the fifth-largest asset in crypto is also showing a significant increase.
Latest on Bitcoin ETFs!
The analytics firm also notes that the FUD continues even after Grayscale lost its lawsuit against the SEC due to the rejection of the crypto firm’s proposal to create a Bitcoin ETF. The company stated that BTC started September with the lowest price level since June 16, at $25,400. There are increasing concerns among investors that the SEC may not be willing to approve the spot Bitcoin ETF even after Grayscale’s victory. The firm expects the FUD to dominate at least over the weekend.
Uncertainty in Stablecoin Accumulation
Santiment also addressed the supply of stablecoins accumulated by crypto whales, highlighting the following: Whales are particularly uncertain about stablecoin accumulation. A tried and true method of predicting where crypto will go next is to analyze large wallets and see their stablecoin ratio. An increase in their purchasing power will be a signal of a jump.
Conclusion
In conclusion, the blockchain analytics firm Santiment has reported a significant increase in on-chain volume and development activities for Ripple’s XRP token. The firm also suggests that the recent dip in Bitcoin’s price is due to ongoing FUD following Grayscale’s lawsuit against the SEC. Lastly, Santiment points out that whales are showing uncertainty in their accumulation of stablecoins, which could serve as a market indicator. This information can be crucial for cryptocurrency enthusiasts and investors in making informed decisions.
