XRP Transactions Experience Improvement Even Though The Crypto Market Collapses

Illustration of coin XRP. (Photo; Doc. Bitcoin Haber)

JAKARTA - XRP, a crypto platform published by the Ripple payment platform, is reported to have seen a major increase in on-chain volume in line with the surge in development activities around it. This was conveyed by blockchain analytics firm Santiment recently.

Data from Santiment shows that XRP has started September with the highest on-chain volume recorded since February 1. This coincides with a significant increase in development activity.

Santiment noted, "XRP is experiencing a huge surge in utility to start this month. In addition to reaching today's highest on-chain transaction volume (4.8 billion XRP) and circulation (2.03 billion XRP), development activities around these assets, which are ranked fifth in crypto market capitalization, are also experiencing a rapid increase."

XRP, which was previously in question in a legal feud with the US Securities and Exchange Commission (SEC) and was later deemed non-security in July, is currently trading at a price of IDR 7,633, an increase of around 1.09% in the last 24 hours.

Meanwhile, Santiment also noted a recent Bitcoin (BTC) price drop, which has seen it drop to a price level that has not been seen since June. This decline was due to the Fear, Uncertainty, and Doubt or commonly called FUD factor which relates to the potential rejection of Bitcoin Exchange-Trad Exchange Fund (ETF) applications in the spot market.

Although Grayscale won his case against the SEC over Bitcoin's refusal, the FUD still enveloped the crypto market. "BTC has started in September with its fall to US$25,400 (Rp386 million), the lowest price level since June 16. Traders fear the SEC will not approve of the spot's Bitcoin ETF, even after Grayscale's victory. The FUD forecast will dominate at least until the weekend."

In addition, Santiment is also observing the supply of stablecoins collected by large crypto asset holders. According to them, this metric can be used to predict further Bitcoin price movements, with increased stablecoin purchasing power showing potential price increases.

"The big holder of crypto assets collecting stablecoins is an important indicator. The proven way to predict the direction of crypto prices is to analyze large wallets to see the stablecoin ratio they hold. Their increased purchasing power will signal potential price increases," according to Santiment's statement.