XRP Witnesses Surge in Whale Activity
XRP, the cryptocurrency associated with Ripple, has experienced a significant surge in whale activity, as indicated by data from cryptocurrency analytics platform Santiment. Alongside this increase, the contentious token has also witnessed a rise in social media buzz and transaction volume.
In fact, XRP recently achieved a new eight-month high in transaction volume, reaching $2.39 billion. This surge followed the submission of an XRP-based exchange-traded fund (ETF) filing by Bitwise, a well-known cryptocurrency asset manager operating in the United States. While experts agree that the approval of such a product is unlikely to happen anytime soon, this development was seen as a positive signal for XRP’s growing legitimacy.
According to Santiment, the current frenzy driven by fear of missing out (FOMO) is expected to subside before a true rally commences.
Unfortunately, the ETF filing did not translate into significant gains for XRP holders. On the day the filing was submitted, the token ended up in the red. Moreover, on Wednesday, XRP experienced a significant setback as the SEC appealed the Ripple case, making it one of the worst-performing cryptocurrencies in the CoinGecko top 100.
Over the past 24 hours, XRP has plummeted by a staggering 15%, currently trading at $0.51. The market capitalization of this Ripple-affiliated cryptocurrency stands at $28.9 billion.
As a result of the SEC appeal news, options traders on Deribit have turned more bearish on XRP. Despite the unlikelihood of the ruling being overturned in the near future, the ongoing legal battle between Ripple and the SEC is perceived as a major bearish factor.
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