XRP Social Buzz Skyrockets as Bullish Sentiment Prevails

On-chain analytics platform Santiment observes that there is a notable bullish bias toward XRP and Bitcoin.

Bitcoin had its historic moment in the past week after the SEC green-lit the approval of exchange-traded funds that track the largest cryptocurrency after a decade-long tussle.

The days after saw ETF-related discussions rise in the market as excitement boomed. Santiment noted that during that weekend, sentiment toward large-cap assets remained at extremely optimistic levels, with spotlights on them following the ETF approvals.

time since May, 2022. There is also a notable #bull bias toward #Bitcoin and #XRPNetwork. While traders are discussing the possibility of $ETH or $XRP #ETFApproval possibilities, #Cardano is overlooked compared to its normal level of trader optimism. https://t.co/aNb4dASmAI

— Santiment (@santimentfeed) January 13, 2024

Thus, optimism and discussion rates jumped for major cryptocurrencies. This is as traders discuss the possibility of ETH or XRP ETF approvals after that of Bitcoin.

According to Santiment, XRP sentiment and discussion rate subsequently rose to the highest level since May 2023. This was when XRP social discussions exploded, just weeks before the July 11 ruling, which determined that XRP was not a security.

XRP ETF speculation creates buzz

The XRP community is still abuzz regarding BlackRock CEO Larry Fink’s comment on the possibility of an XRP exchange-traded fund (ETF). When questioned about an XRP ETF during a recent Fox Business interview, Fink responded, “I can’t talk about that.”

In a Bloomberg interview, Steve McClurg, co-founder of Valkyrie Funds, also speculated as regards Ethereum and XRP ETFs following Bitcoin’s approval.

According to Lark Davis, aka Crypto Lark, an XRP ETF could be on the horizon, given the momentous verdict in the Ripple SEC lawsuit that concluded XRP was not a security.

At the time of writing, the XRP price was not so much reacting to the buzz sparked by the ETF optimism. XRP is presently trading at $0.57, a 0.26% increase in the previous 24 hours. After recovering from lows of $0.554 on Jan. 12, XRP has steadily risen, reaching highs of $0.579 in today’s trading session.

Source