Blockchain analytics firm Santiment says that XRP is seeing a massive rise in on-chain volume as development activity surrounding the digital asset ramps up.
According to the market intelligence platform, XRP, the token associated with Ripple Lab’s payments platform, kicked off September with the highest on-chain volume it has seen since February 1st along with a notable spike 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.”
XRP, which had its automated, open-market sales deemed to not be securities in July after a lengthy legal battle with the U.S. Securities and Exchange Commission (SEC), is trading for $0.496 at time of writing, a 1.09% increase during the last 24 hours.
Looking at the crypto king, Santiment says that Bitcoin’s (BTC) latest dip – which saw it fall back down to prices not seen since June – is due to the fear, doubt, and uncertainty (FUD) surrounding the potential rejection of spot market BTC exchange-traded fund (ETF) applications.
The analytics firm also notes that the FUD lingers even after the SEC lost a lawsuit against Grayscale over the rejection of the crypto firm’s bid to create a Bitcoin ETF.
“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 also looking at the supply of stablecoins accumulated by crypto whales as the metric could foreshadow Bitcoin’s next move to either $30,000 or $25,000.
“Whales are being particularly indecisive on stablecoin accumulation. A tried and true method for predicting where crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold. A rise in their buying power would signal a bounce.”
Bitcoin is trading for $25,797 at time of writing, a 1.2% increase during the last day.