XRP’s On-Chain Volume and Development Activities Increase

Santiment noted that XRP has seen a massive increase in on-chain volume as development activities surrounding cryptocurrencies increase. XRP, the token associated with Ripple Lab’s payment platform, started September with the highest on-chain volume it has seen since February 1, and a notable increase in development activity, according to the market analytics platform. The analytical company made the following statements in its statements:

XRP sees huge utility gains to start the month. In addition to today’s landmark highs of 4.8 billion XRP in on-chain transaction volume and 2.03 billion XRP in circulation, development activity for the 5th largest asset in crypto is also booming.

Santiment later suggested that Bitcoin’s (BTC) recent plunge to prices not seen since June was driven by fear, doubt and uncertainty (FUD) surrounding the potential rejection of spot market BTC. The analytics firm also states that the FUD persisted even after the SEC lost its lawsuit against Grayscale for the cryptocurrency firm’s rejection of its proposal to create a Bitcoin ETF. The company said:

BTC started September with a drop to $25,400, its lowest price level since June 16. Investors have growing concerns that even after Grayscale’s victory, the SEC may not be willing to approve a spot Bitcoin ETF. We expect FUD to dominate at least over the weekend.

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