Santiment, the behavior analysis platform for cryptocurrencies, is reporting that XRP is seeing a major surge in on-chain transaction volume, coinciding with a big increase in development activity.
XRP Hits a New Milestone
Interestingly, the beginning of September marked a 7-month high in on-chain activity for XRP. This surge in activity that had not been seen since February 1st was accompanied by a substantial uptick in development activities.
Read Also: XRP Lawsuit: John Deaton Predicts Judge Torres’s Decision on SEC Interlocutory Appeal
According to Santiment on X, XRP hit an on-chain transaction volume of 4.8 billion tokens with a circulating supply of 2.03 billion XRP, which is the highest number of unique tokens moved since the end of May.
🧑💻 #XRP is seeing major utility spikes to start the month. In addition to today's milestone highs in #onchain transaction volume (4.8B $XRP) and circulation (2.03B $XRP), the development activity for the 5th largest cap asset in #crypto is up big as well. https://t.co/AdWcrUun9n pic.twitter.com/QHQ6U8Q0J5
— Santiment (@santimentfeed) September 1, 2023
XRP, the 5th largest crypto by market cap, is trading at $0.5013 at the time of the writing, with an increase of 0.03% over the last 24 hours.
With the verdict in Ripple’s favor, the SEC is fighting for an appeal. The SEC also scored a partial victory, as the court deemed Ripple’s direct sales of XRP tokens to institutional players as securities, subjecting them to regulatory oversight.
In response, Ripple has made it clear that if the SEC proceeds with an appeal, it’s prepared to cross-appeal the judgment pertaining to institutional sales.
Ripple’s attorneys argued that the circumstances for an interlocutory appeal were not met, and they raised concerns about the court’s application of the Howey test to assess the nature of XRP transactions. As we’ve reported before, John Deaton and Paul Grewal (Coinbase CLO) feel the SEC’s interlocutory appeal is destined for rejection and it’s not hard to see why.
Read Also: Ripple CTO David Schwartz Clarifies Key Aspects of the SEC Appeal
The Wider Market
Looking at the rest of the market, Santiment is also attributing the recent dip suffered by Bitcoin (BTC) to a cloud of uncertainty on the SEC’s approval of spot Bitcoin ETF applications even after their loss in the Grayscale case.
They also predict that fear, uncertainty, and doubt (FUD) will dominate the market, at least through the weekend. BTC, which fell to $25,400, has hit its lowest price since June 16th which is a rough start for September.
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