By Brenda Collins
Latest update on XRP has it that the legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC) has seen a jump in on-chain transaction activity, hitting 4.8 billion XRP, in a significant turn of events. The volume of on-chain transactions has increased significantly in recent months.
The SEC’s move to certify an interlocutory appeal coincides with the recent spike in the volume of XRP transactions on the blockchain. In response, Ripple has said in an official statement posted on their various social media handles that it plans to cross-appeal on the legislative interpretation problem relating to the definition of the word “investment contract” and the requirement for rights to be transferred to the buyer or duties to be placed on the seller.
The cryptocurrency community awaits the outcome of this judicial battle; they believe it could create legal clarity for the sector as a whole. Following the decision on July 13, Coinbase relisted XRP, further fueling the XRP fever. The court ruled that XRP is a token and not a security when sold on cryptocurrency exchanges.
This action has been linked to the significant come back of the XRP on the Coinbase platform, where, as of the beginning of September, it retains the distinction of having the highest average trade size among cryptocurrencies, exceeding Solana (SOL), Dogecoin, Litecoin (LTC), Cardano, Polygon (MATRIC), and Polkadot (DOT).
On-Chain Metrics Strong Amid 24 Hours Decline. Santiment Release Report
At the time of writing, the price of XRP was $0.50, a decrease of 1.63% over the previous 24 hours. The cryptocurrency’s on-chain metrics have remained strong despite this little decline, with a notable milestone in on-chain transaction volume and circulation. Market watchers have taken notice of the 2.03 billion XRP in circulation and the 4.8 billion XRP that has been transacted on-chain.
Sentiment emphasized the importance of XRP’s recent increase. Their research indicates that XRP’s utility has significantly increased, as evidenced by the 4.8 billion XRP on-chain transactions, the highest volume since the 1st of February.
Commenting on the development, Tomiwabold Olajide, a freelance cryptocurrency analyst, stated that this growth in utility is a sign of more significant activity and interest surrounding the digital asset, which may have been sparked by recent legal developments and rising assurance in its status as a non-security.
Recent data from Messari indicates that the adjusted volume of the XRP has risen by 112.57% in the past four days. The data also showed that the XRP had a $748 million adjustment volume as of August 30th, thus growing up to $1.59 billion in three days. Messari data also stated that the XRP had a 5.37% growth level recently compared to 30 days ago.
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