Whale activity, transaction volume, and Social Dominance can drive XRP’s Q4.
- Whale activity surged as XRP filed for an ETP. Transaction volume hit record highs while social dominance grew.
Ripple [XRP] drew attention after Bitwise filed for a new XRP ETP (Exchange-Traded Product).
This move has sparked discussions about its potential impact on XRP’s price, with many crypto enthusiasts anticipating a strong fourth quarter.
While the filing isn’t for an ETF, it has generated significant on-chain activity. Three key factors that will influence whether XRP’s price heads higher in the final quarter of 2024.
One of the most notable factors is the surge in whale transactions following the ETP filing. Recently, there were 11 transactions where each was valued at over $1 million worth of XRP was bought.
This level of activity hasn’t been seen since April, a time when the crypto market was reaching its highs before correcting. Increased whale activity often signals a strong price move ahead.
Source: Santiment
If the market improves after the recent geopolitical tensions in the Middle East, whales may push XRP’s price higher.
However, if the ETP is not approved, there could be a sell-off as traders seek to cut losses or take profits.
XRP transaction volume in USD
XRP also hit an eight-month high in transaction volume, reaching $2.39 billion. This suggests growing bullish momentum for XRP as we head into Q4.
Transaction volume plays a key role in determining future price direction, and this increase supports the idea of a potential price rally.
While there have been periods of scattered high volume, the overall trend shows that XRP could be gearing up for a significant upward movement.
Source: Santiment
Social Dominance and sentiment
Another critical factor for XRP’s price in Q4 is its Social Dominance. Since the filing for the XRP ETP, social discussions around XRP have been rising, driving more interest from traders and investors.
Positive sentiment is outpacing negative sentiment, which has hit its highest levels since Q2, 2024.
Social engagement is crucial for maintaining momentum, and the increasing buzz around XRP indicates a strong chance for higher prices.
Source: Santiment
As we look ahead to Q4, whale activity, rising transaction volume, and strong social dominance will likely drive XRP’s performance.
If these factors align and the ETP gains approval, it could see significant gains, potentially outpacing other cryptocurrencies. However, market conditions and geopolitical factors will also play a role in shaping its trajectory.
Take a Survey: Chance to Win $500 USDT
Previous: Bitcoin whale confidence grows as BTC nears $60K – Should you buy the dip? Next: dogwifhat: How soon can WIF reclaim its ATH after the 11% dip?
Source
