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- XRP’s on-chain volume reached a seven-month peak at the beginning of September.
- Ripple Labs has recently unlocked 1 billion XRP tokens from its escrow accounts.
Initial indicators for XRP in September point to favorable developments ahead. As reported by Santiment, an on-chain analytics firm, XRP’s on-chain volume hit a seven-month high at the start of September, its circulation reached a three-month peak, and development activity remained robust.
The analytics company noted that the beginning of the month recorded the highest on-chain transaction volume for XRP (4.8 billion XRP) since February 1. Santiment also mentioned that development activities are increasing, following record levels in on-chain transaction volume (4.8 billion XRP) and circulation (2.03 billion XRP).
Ongoing SEC Lawsuit
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This is notable because, despite a decline in XRP’s price, trading volume has remained steady. As per CMC, the current price of XRP is $0.5027. Following the landmark ruling in the Ripple SEC case on July 13, which concluded that XRP tokens traded on cryptocurrency exchanges do not qualify as securities, Coinbase has reinstated XRP.
The SEC is attempting to pursue an interlocutory appeal, but Ripple Labs Inc. and its senior executives have vigorously opposed this move. With the SEC having filed its request for an early appeal, Ripple has countered by submitting its opposition.
Additionally, Ripple Labs has released 1 billion XRP tokens from its escrow accounts to ensure liquidity. The total value of the released XRP was $510 million, and this release occurred through four distinct transactions.
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