Bitwise Filing Ignites XRP’s Bullish Potential, Data Shows

Ripple (XRP) is finally in line to receive mainstream global attention as the token has now joined the ETF queue. Bitwise, the financial giant, recently filed for XRP ETF, ushering in a wave of positive price momentum and influx. Here’s how the ETF may benefit XRP in the long haul.

Also Read: This One Marker Denotes Positive Bitcoin Movement Is Nigh: Here’s How

Bitwise Filing Signals Bullish Momentum for Ripple

Recently, technical data platform Santiment took to X to share how the Bitwise Filing has sparked a flurry of bullish activities in the ripple realm. For instance, the platform outlined how Bitwise’s filing has hyped up XRP, a center of positive whale activity.

Whale Activity and Social Hype Metrics

The platform stated that XRP has become a nucleus of surging on-chain activity after its ETF announcement went viral within the Web3 domain. Per Santiment, XRP’s whale activity and social hype metrics have topped the charts recently.

“Adding to the bullish signs, there were 145 whale transactions exceeding $1 million in value on October 1, a notable 6-month high. Whale activity often indicates that larger investors are either accumulating or positioning for a strategic move, suggesting that these players see value in XRP at its current price. Such whale transactions frequently precede market moves and can be a strong signal for smaller investors looking for cues on market direction.”

New Milestone In Transactions

The portal further shared how the token has also forged a new milestone by surpassing $2.30 billion in transactions, indicative of a possible bullish price momentum and rally on cards to spark very soon.

“Following Bitwise’s announcement, on-chain data has revealed a spike in XRP transaction volume, reaching an 8-month high of $2.39 billion shortly after the filings. This surge in volume indicates increased activity, likely tied to both traders’ reactions to the news and institutional accumulation. With such high volumes, the market sentiment can be volatile, and traders need to be cautious of potential short-term corrections.”

Also Read: US Lawmakers Push Bipartisan Support For Bitcoin Reserve Bill

The Token’s Price Forecast For October

According to CoinCodex, XRP may soon surge and spike 19% to hit the $0.65 price level by the end of October 2024.

“According to our current XRP price prediction, the price of XRP is predicted to rise by 19.28% and reach $0.625477 by November 3, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 41 (fear). XRP recorded 15/30 (50%) green days with 5.15% price volatility over the last 30 days. Based on the XRP forecast, it’s now a bad time to buy XRP.”

Once the token breaches the $0.60 price mark, it can adopt a bullish streak, sparking noticeable price rallies in the near future.

Also Read: Cryptocurrency: AI Predicts 3 Breakout Coins Of 2024