XRP Sees Huge Spike in On-Chain Volume

Santiment, a company that analyzes blockchain data, reports that XRP is experiencing a significant increase in on-chain volume due to increased development activity.

Their market intelligence platform indicates that XRP, the digital asset linked to Ripple Lab’s payment system, began September with the highest on-chain volume since February 1st, coinciding with a marked rise in development activity.

“XRP is seeing major utility spikes to start the month. In addition to today’s milestone highs in on-chain transaction volume (4.8 billion XRP) and circulation (2.03 billion XRP), the development activity for the 5th-largest cap asset in crypto is up big as well.”

At the moment, XRP is being traded for $0.496, and it has been declared that its automated sales in the open market are not securities.

This decision came after a legal battle with the U.S. Securities and Exchange Commission (SEC). In the last 24 hours, XRP has experienced a 1.09% increase in value.

Meanwhile, according to Santiment, Bitcoin’s recent drop in price can be attributed to fear, doubt, and uncertainty (FUD) surrounding the potential rejection of spot market BTC exchange-traded fund (ETF) applications.

Despite the fact that the SEC lost a lawsuit against Grayscale over the rejection of their Bitcoin ETF bid, the FUD still persists.

“BTC has started September by falling to $25,400, its lowest price level since June 16th. Traders have a growing concern that the SEC may not be willing to approve a spot Bitcoin ETF, even after Grayscale’s victory. Expect FUD to dominate at least through the weekend.”

Santiment is monitoring the amount of stablecoins held by large cryptocurrency investors, as this could indicate whether Bitcoin’s value will rise to $30,000 or drop to $25,000.

The behavior of these “whales” in accumulating stablecoins is seen as a reliable way to predict the direction of the cryptocurrency market. If their buying power increases, it may signal an upcoming increase in Bitcoin’s value.