According to data provided by cryptocurrency analytics platform Santiment, the Ripple-affiliated XRP token has emerged as the top-trending cryptocurrency.
As reported by U.Today, XRP recently logged a significant boost in various metrics such as whale activity, trading volumes, and social media activity.
XRP has returned to the spotlight because of Bitwise's recent ETF filing and the SEC's appeal against Ripple. While the first piece of news managed to excite the XRP community due to the prospect of broader institutional acceptance, it failed to push the XRP price higher. After that, the SEC appeal delivered a massive blow to the token.
Aptos (APT) and Chainlink (LINK) are also among the most discussed tokens, according to Santiment.
Souring on "Uptober"
White October has historically been the best month for Bitcoin and various other cryptocurrencies, 2024 might defy this persistent trend.
Bitcoin is still down more than 3% this October while some altcoins have fared much worse. XRP, of course, has severely underperformed due to the SEC's appeal, with prominent commodity trader Peter Brandt predicting that the XRP price could collapse to zero against Bitcoin.
Gamza KhanzadaevAccording to Santiment, the number of "Uptober" mentions has experienced a sharp decline over the past few days. This suggests that many traders no longer expect the crypto market to outperform during this month following the recent correction.
But there is a silver lining. Santiment believes that this dissipating optimism could pave the way for a short-term price bounce since traders are no longer expecting a bullish month en masse.
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Denys Serhiichuk
Dan Burgin
Vladislav Sopov