As a seasoned crypto investor with a penchant for the unconventional, I’ve always found myself drawn to XRP – not just because of its association with Ripple or its intriguing technology, but also due to its knack for keeping me on my toes.
As a crypto investor, I’ve noticed an increase in whale activity related to XRP, the digital currency tied to Ripple. This information comes from the analysis conducted by the cryptocurrency insights provider, Santiment.
Additionally to the debate surrounding this digital token, there’s been a rise in interest on social media platforms and trading activity as well.
In fact, XRP‘s transaction volume recently reached a new eight-month high of $2.39 billion.
Following the submission by Bitwise, a well-known crypto asset manager, for approval to establish an Exchange-Traded Fund (ETF) backed by XRP in the United States, this development occurred.
Despite several experts predicting that the approval of this product won’t occur imminently, this was perceived as a symbol of XRP increasing in credibility.
According to Santiment, the rally is most likely to begin once the current crowd FOMO calms.
Regrettably, the submission of the ETF didn’t result in substantial growth for XRP investors. Instead, the token experienced a loss on the very same day the filing was made public.
On hump day, supporters of XRP experienced a major setback when the SEC decided to appeal the Ripple case, causing the token to perform poorly compared to other leading cryptocurrencies on CoinGecko’s list.
Over the last day, XRP has plummeted by a significant 15%, now being exchanged at approximately $0.51. This digital currency linked to Ripple currently holds an estimated market value of around $28.9 billion.
Deribit’s options traders recently turned more bearish on XRP following the SEC appeal news.
Despite predictions that the ongoing legal dispute between Ripple and the SEC won’t be resolved soon, many analysts consider this prolonged court case to be a significant negative factor for Ripple’s market outlook.
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2024-10-03 12:35