bullish

2024

when

Asset management company Bitwise filed Form S-1 for the XRP ETP with the US Securities and Exchange Commission yesterday, October 2, making its first official filing in the US.
While this move from Bitwise increased the optimism and price of the XRP ETF, the news from the SEC yesterday hit the price again.
Related News: <a href="https://en.bitcoinsistemi.com/sec-appeals-xrp-decision-first-statement-from-ripple-ceo-they-still-havent-got-the-message/" target="_blank" rel="noopener noreferrer nofollow">SEC Appeals XRP Decision, First Statement from Ripple CEO! "They Still Haven't Got the Message!"</a>
However, Santiment stated that XRP's trading volume has increased significantly, and that this may be due to positive news from Bitwise and institutions accumulating XRP.
Santiment warned investors that such high volumes create intense volatility and cause potential short-term corrections.
<blockquote>
 “Following Bitwise’s announcement, on-chain data revealed a surge in XRP trading volume, reaching an 8-month peak of $2.39 billion.
 This increase in volume likely indicates increased activity due to both investor reactions to the news and institutional accumulation.
 With such high volumes, market sentiment can be volatile and investors should be wary of possible short-term corrections.”
</blockquote>
Bullish Signs in XRP, But Investors Should Be Careful!
Aside from the volume increase, Santiment said on-chain data also showed XRP’s 30-day MVRV (average returns of XRP investors active in the past 30 days) at 9.2%, marking its lowest point in two months. Historically, such negative sentiment and low returns have been a time when the market is under pressure but represents an “opportunity zone,” according to Santiment.
Adding to the bullish signs, Santiment noted that 145 whale transactions worth over $1 million were made on October 1, marking a 6-month high.
Noting that whale activity is typically seen as accumulation by larger investors and increases when these players see a buying opportunity at the current price of XRP, Santiment said, “such whale transactions often precede major market moves and can be a strong signal for smaller investors looking for clues on market direction.”
Santiment concluded by saying that Bitwise is bullish on the XRP ETF, but investors should be wary of changes in market sentiment. “While whale activity, increased trading volume, and the current negative MVRV point to a possible bullish picture, the real rally investors are waiting for may not happen until the crowd’s bullish hopes turn into mild or severe disappointment and impatience.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4fa.png" alt="📺" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitwise's XRP ETP filing (not to be confused with an ETF, which would be required if it was a security) has showed a significant on-chain response. Whale activity, social hype, and an 8-month high $2.39B in transaction volume indicates potential bullish momentum—but remember,… <a href="https://t.co/yMdbE9G3GS" rel="noopener noreferrer nofollow">pic.twitter.com/yMdbE9G3GS</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1841669658585297010?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 3, 2024</a>
</blockquote>
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*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/bitwise-up-sec-down-xrp-is-in-turmoil-whats-next-for-xrp-santiment-evaluates/" rel="noopener noreferrer nofollow">Bitwise Up, SEC Down: XRP is in turmoil! What's Next for XRP? Santiment Evaluates!</a>

Bitwise Up, SEC Down: XRP is in turmoil! What's Next for XRP? Santiment Evaluates!

Bitcoin Sistemi EN

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