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Whale activity surged as XRP filed for an ETP.
Transaction volume hit record highs while social dominance grew.
As a seasoned analyst with over two decades of experience in the financial markets, I must say the recent developments surrounding XRP have piqued my interest. The filing for an XRP ETP by Bitwise has ignited a frenzy of activity that reminds me of the dot-com boom of the late 90s.
Ripple [XRP] drew attention after Bitwise filed for a new XRP ETP (Exchange-Traded Product).
Discussions are arising over the possible influence of this action on the value of XRP, as numerous cryptocurrency fans are eagerly waiting for a robust fourth quarter.
While the filing isn’t for an ETF, it has generated significant on-chain activity. Three key factors that will influence whether XRP’s price heads higher in the final quarter of 2024.
One significant aspect that stands out is the rise in whale activities, particularly large-scale XRP purchases, after the ETP submission. Lately, a series of 11 transactions have occurred, each exceeding $1 million in value.
The last time we saw this much action was back in April, which coincided with the peak of the crypto market before it started to decline. An uptick in whale activity typically indicates a significant price shift may be imminent.
In simpler terms, if the economic market recovers following the political conflicts in the Middle East, large investors (whales) might boost the price of XRP even further.
In case the ETP doesn’t get approval, there might be a rush to sell due to traders trying to limit their losses or cash in on any gains they’ve made.
XRP transaction volume in USD
XRP’s transaction volume climbed up to a $2.39 billion eight-month peak, implying increasing optimism for XRP as we approach the fourth quarter, which could be a sign of bullish trends ahead.
The level of transactions significantly influences the prediction of future price trends, with an upward trend suggesting a possible surge in prices.
Over time, there have been occasional spikes in high activity, but generally speaking, the pattern suggests that XRP might be preparing for a substantial increase.
Social Dominance and sentiment
A significant element impacting XRP‘s price during Q4 is its Social Influence. Following the submission of the XRP ETP, conversations about XRP on social platforms have noticeably increased, sparking curiosity among both traders and investors.
A more favorable opinion is dominating an unfavorable one, marking the peak for negative opinions since the second quarter of 2024.
Engaging socially is vital to keep things moving forward, and the growing excitement about XRP suggests a high probability for price increases.
Read XRP’s Price Prediction 2024–2025
In the coming quarter, it’s expected that increased whale activity, growing transaction volumes, and a solid social influence will likely boost XRP‘s market behavior.
Should these elements fall into place and the ETP receives endorsement, it may experience substantial growth, possibly surpassing other digital currencies. Yet, it’s important to remember that the market landscape and global political events will influence its path as well.
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2024-10-03 15:35