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Blockchain analytics firm Santiment has reported a substantial increase in on-chain activity for XRP, the cryptocurrency linked to Ripple Lab's payment platform. This surge coincides with heightened development efforts for . Santiment’s data reveals that XRP is currently experiencing its highest transaction volume since February 1st, coupled with a notable uptick in development activities, making it the fifth-largest by market capitalization. XRP recently received legal clarity as a non-security following a legal battle with the SEC, and it’s currently trading at $0.496, with a 1.09% increase over the last 24 hours. Shifting the focus to the broader cryptocurrency market, Santiment highlights Bitcoin’s recent decline. Bitcoin’s value has retraced to levels not seen since June, largely due to concerns related to potential rejections in the spot market. This fear, doubt, and uncertainty ( ) persists despite the in a lawsuit against Grayscale regarding a Bitcoin ETF application. As of the latest data, is trading at $25,400, marking its lowest price since June 16th. Traders remain apprehensive about the SEC’s willingness to approve a spot Bitcoin ETF, even following Grayscale’s legal victory, and this apprehension is expected to dominate crypto discussions throughout the weekend. Santiment’s analysis extends to the of stablecoins by cryptocurrency whales, which could indicate Bitcoin’s future price movements. Observing changes in the buying power of these large wallets holding stablecoins is seen as a potential signal of an upcoming price shift. This metric is being closely monitored to assess whether Bitcoin will trend towards $30,000 or $25,000.
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