Ripple [XRP] is gaining attention after Bitwise filed for a new exchange-traded product (ETP) for XRP.
The move has sparked discussions about its potential impact on XRP price, with many crypto enthusiasts expecting a strong fourth quarter.
Despite not being an ETF, the filing has generated significant on-chain activity. Three key factors will influence whether XRP’s price moves higher in the final quarter of 2024.
One of the most notable factors is the surge in whale transactions following the ETP filing. There were 11 recent transactions, each worth more than $1 million worth of XRP, purchased.
This level of activity has not been seen since April, when the crypto market peaked before the correction. An increase in whale activity often signals a strong price move ahead.
See also: Ripple launches RLUSD
Source: Santiment
If the market improves following recent geopolitical tensions in the Middle East, whales could push XRP prices higher.
However, if the ETP is not approved, there could be a sell-off as traders look to cut losses or take profits.
XRP Trading Volume in USD
XRP also hit an eight-month high in trading volume, reaching $2.39 billion, demonstrating increasing bullish momentum for XRP as we head into Q4.
Trading volume plays a key role in shaping the future direction of prices, and this increase reinforces the idea of a potential bull run.
Although there have been intermittent periods of high volume, the overall trend suggests that XRP could be headed for a significant move forward.
Source: Santiment
Social media and psychology dominance
Another important factor for XRP’s price in Q4 was its Social Media Dominance. Since the filing of the XRP ETP, social media discussions around XRP have increased, attracting more interest from traders and investors.
See also: Notcoin leads the pack, poised to surge 25% this week
Positive sentiment is outpacing negative sentiment, reaching its highest level since Q2 2024.
Social engagement is important to sustain momentum, and the increased excitement around XRP points to a strong case for higher prices.
Source: Santiment
As we look towards Q4, whale activity, increased trading volume, and strong social media dominance are likely to drive XRP’s performance.
If these factors align and the ETP is approved, XRP could see significant gains, potentially outperforming other cryptocurrencies. However, market conditions and geopolitical factors will also play a role in shaping its direction.
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