- XRP’s on-chain volume was at a seven-month high to start the month of September.
- Ripple Labs has recently released 1 billion XRP tokens from its escrow accounts.
Early indicators for XRP for the month of September suggest promising things to come. According to Santiment, an on-chain analytics company, XRP’s on-chain volume was at a seven-month high to start the month of September, its circulation was at a three-month high, and development activity was very strong.
The analytics firm said that the start of the month had the highest on-chain transaction volume for XRP (4.8 billion XRP) since February 1. Santiment stated that development activities are also on the rise, after record highs in on-chain transaction volume (4.8 billion XRP) and circulation (2.03 billion XRP).
Ongoing SEC Lawsuit
This is because even if the price of XRP has dropped, trading volume has not. According to CMC, the price of XRP is $0.5027 at the time of writing. Following the historic judgement in the Ripple SEC complaint on July 13, which determined that XRP tokens traded on cryptocurrency exchanges cannot be classified as securities, Coinbase relisted XRP.
The SEC has been attempting to establish an interlocutory appeal, but Ripple Labs Inc. and its top executives have fought back hard. Now that the SEC has submitted its application for an early appeal, Ripple has responded by submitting its opposition.
Moreover, Ripple Labs has released 1 billion XRP tokens from its escrow accounts in order to maintain liquidity. The total amount of the released XRP was $510 million, and the release was carried out in four separate transactions.
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