Recent developments surrounding Ripple [XRP] have brought the altcoin into the spotlight, particularly with the introduction of a new XRP ETP (Exchange-Traded Product) by Bitwise.
This move has ignited conversations regarding its possible influence on XRP’s value, leading many cryptocurrency enthusiasts to anticipate a positive performance in the fourth quarter.
While the ETP filing is not for an ETF, it has triggered notable on-chain activities. Several key elements are poised to impact the direction of XRP’s price as we head into the final quarter of 2024.
A significant aspect worth noting is the rise in whale transactions following the announcement of the ETP. Lately, there have been 11 transactions where each involved the purchase of over $1 million worth of XRP.
This level of transaction activity has not been witnessed since April, a period when the cryptocurrency market was reaching its peak before undergoing a correction. Elevated whale engagement often serves as a precursor to a potential price surge.
In the event that improvements occur following recent geopolitical tensions in the Middle East, whales could drive up the price of XRP.
Conversely, if the ETP fails to gain approval, there may be a sell-off as traders move to limit losses or secure profits.
Transaction Value of XRP in USD
Additionally, XRP has experienced an eight-month peak in transaction value, reaching $2.39 billion. This uptrend suggests a growing bullish sentiment towards XRP as we approach Q4.
Transaction value plays a crucial role in shaping future price movements, and this uptick supports the possibility of a forthcoming price rally.
While there have been sporadic periods of heightened transaction volume, the overall trend hints at the potential for a substantial uptick in XRP’s value.
Social Presence and Market Sentiment
Another key determinant of XRP’s performance in Q4 is its Social Dominance. Since the announcement of the XRP ETP, social dialogues concerning XRP have been on the rise, attracting increased attention from traders and investors.
Favorable sentiment is surpassing negative sentiment levels, hitting their peak since Q2 of 2024.
Social interactions are pivotal for sustaining momentum, and the growing buzz surrounding XRP suggests a strong likelihood of price appreciation.
Looking towards Q4, the amalgamation of whale activity, escalating transaction value, and robust social presence are poised to steer the trajectory of XRP’s performance.
If these factors align and the ETP receives approval, the potential for significant gains is on the horizon, potentially surpassing the growth of other cryptocurrencies. Nevertheless, market dynamics and geopolitical variables will also contribute to shaping its path forward.