Bitwise’s recent filing for an XRP ETP (Exchange-Traded Product), not to be confused with an ETF (Exchange-Traded Fund), has triggered a notable on-chain reaction.
The filing coincides with increased whale activity and social media buzz, alongside an impressive $2.39 billion in transaction volume—the highest in eight months.
These signals hint at possible bullish momentum for XRP, though a true rally may only occur once the initial wave of crowd FOMO subsides.
📺 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,… pic.twitter.com/yMdbE9G3GS
— Santiment (@santimentfeed) October 3, 2024
Ripple Labs Faces New Legal Challenges
Meanwhile, Ripple Labs continues to face legal challenges. The SEC has appealed a recent court decision that fined Ripple $125 million for the improper sale of its XRP token.
The appeal stems from the SEC’s disagreement with the ruling, as it believes the judgment conflicts with established securities law precedents that have been in place for decades.
The SEC has appealed a court decision that fined Ripple Labs approximately $125 million for improperly selling its XRP token. The appeal was filed due to the SEC's disagreement with the judgment, arguing that it conflicts with decades of securities law precedent. FAIL $XRP pic.twitter.com/92Ko3cuLzm
— TheCryptoSniper (@TheCryptoSniper) October 3, 2024
Despite the on-chain optimism, XRP’s market performance remains shaky. According to CryptoRank data, it is currently the worst performer among the top 10 cryptocurrencies, shedding 14% of its value in the last 24 hours.
📈Market Overview#Bitcoin trades above $60K. The top-10 cryptos are traded in red zone:$XRP -14.2%$SOL -7.25%$ETH -5.59%
Market capitalization: $2.20T (-3.75%)The #BTC dominance: 54.02% (+0.75%)Fear & Greed Index: 37 (Fear)
👉 Top Gainers
Krypto Harris $HARRIS +128%… pic.twitter.com/FhvlYv96bb
— CryptoRank.io (@CryptoRank_io) October 3, 2024
As legal uncertainties linger and market conditions remain volatile, XRP traders should exercise caution, even as some indicators suggest a potential recovery once market sentiment stabilizes.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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