40,393,173 XRP, worth approximately $20.4 million, were recently transferred from Binance to an undisclosed wallet, paving the way for renewed intrigue in the cryptocurrency world.
This substantial transfer comes at a crucial time as XRP on-chain activity is rising, signaling better days ahead.
Against the backdrop of the ongoing legal battle with the US Securities and Exchange Commission (SEC), XRP’s on-chain metrics have been steadily on the rise.
Santiment, a cryptocurrency analytics platform, recently unveiled a series of compelling milestones that promise to positively impact the token’s market value. On September 2, XRP on-chain volume reached a seven-month high, rising to an impressive 4.8 billion.
At the same time, the circulating supply of XRP rose to 2.03 billion, marking a three-month high. This uptick underlines the increased activity and growing engagement within the XRP ecosystem. Santiment’s data further illustrates a notable increase in development activity within the XRP community.
Lively network activity and bullish sentiment
These statistics collectively indicate vibrant network activity for XRP, indicating an escalating level of adoption and participation in the cryptocurrency landscape.
XRP enthusiasts have their eyes on a crucial milestone: the token’s journey towards the elusive $1 mark. The price of XRP is currently trading at $0.5053 and has shown remarkable resilience, down marginally by 0.59% in the past 24 hours.
Building on this favorable momentum, data is coming out Mint glass reveals that XRP’s open interest saw an increase of $8 million in early September. Open interest serves as a bullish signal, indicating that price speculators are injecting new capital into the XRP futures markets. It essentially quantifies the value of active derivative contracts tied to an asset.
Despite the legal hurdles looming around XRP, the resurgence of on-chain activity, coupled with increased open interest, suggests the cryptocurrency is far from out of business.
The XRP community remains steadfast in its pursuit of milestones while navigating the legal labyrinth. As the crypto market continues to evolve, XRP’s journey to $1 remains a story to watch closely as it brings with it the ambitions of a vibrant and resilient community.
