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4.8 Billion XRP Marks Highest On-Chain Transaction Volume in Months

Sat, 09/02/2023 - 14:36
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Tomiwabold Olajide
XRP leading with highest average trade size on Coinbase
4.8 Billion XRP Marks Highest On-Chain Transaction Volume in Months
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On the second day of September, XRP is showing early indications of what the month may hold.

According to on-chain analytics firm Santiment, XRP began September with a seven-month high in on-chain volume, a three-month high in circulation and a massive spike in development activity.

Santiment noted that XRP is seeing major utility spikes to start the month, reaching 4.8 billion XRP to mark the highest XRP on-chain transaction volume since Feb. 1. A whopping 2.03 billion XRP also marks the highest number of unique tokens moved since May 31.

In addition to the milestone highs in on-chain transaction volume at 4.8 billion XRP and circulation at 2.03 billion XRP, Santiment added that the development activity for the fifth largest cryptocurrency by market capitalization is up as well.

XRP on Verge of Rally as Altcoin Season Looms

This is as XRP continues to maintain robust trade volume despite its price dipping. At the time of writing, XRP was down 1.63% in the last 24 hours to $0.497.

According to Kaiko research, XRP held its ground with the highest average trade size on Coinbase among the top 10 altcoins by market cap, despite a slight dip. Notably, XRP had the biggest average trade size on Coinbase, surpassing SOL, DOGE, LTC, ADA, MATIC and DOT at September's start.

Coinbase relisted XRP after the landmark July 13 ruling in the Ripple SEC lawsuit, which decided that XRP sold on crypto exchanges does not qualify as securities as the token is not in and of itself a security.

Now the SEC has filed its motion requesting an early appeal in the case, with Ripple striking back in its latest filing.

Ripple has informed the Court that if the SEC is granted leave to appeal, it intends to file a cross-appeal on institutional sales. It also stated unequivocally that it would fight any attempt to classify post-complaint sales to ODL clients as investment contracts.

In opposition to the SEC's motion to certify an interlocutory appeal, Ripple indicated it will cross-appeal on the statutory interpretation issue of the scope of the term "investment contract" and the need for rights to be granted to the buyer or obligations imposed on the seller.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.