XRP hit the highest trading volume of 4.8 billion in three months, data from on-chain analytics firm Santiment says. This is in spite of the ongoing court battle with the U.S. security and exchange commission (SEC).
The XRP token hasn’t only hit a 3-month high in on-chain transactions, it has also seen a spike in developments, Santiment said. In addition, it reached the highest number of unique token moved since May, at 2.03 billion.
“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,” the firm wrote in a twitter post on 1 September.
Whales have reportedly made massive XRP transactions, the most notable being by Ripple, and other whales. Ripple has reportedly transferred 75 million XRP in a single transaction. However, the highest is that of an unknown wallet moving over 400 million XRP, valued at over $200 million from one wallet to another.
Interestingly, all this spike in activity on XRP is happening in spite of a drop in the tokens price. Like other top crypto assets, XRP has dropped in the last few days, its price reaching as low as $0.48 on 1 September.
Apparently, the uncertainties around XRP hasn’t deterred investors as they continue to trade the token at high volumes. The court case between Ripple and SEC concerning XRP also seems to be a non-issue at this time.
Ripple Prays Court to Deny SEC Appeal Request
XRP started getting significant attention and goodwill around the time it won the case against the SEC. The landmark ruling declared XRP was not a security as earlier alleged by the SEC. As expected, the SEC has applied for an appeal to the judgment.
The commission filed a motion with the U.S. District Court in the Southern District of New York, asking it to certify for interlocutory appeal. The SEC expressed concern that how the Ripple case is handled could significantly affect other pending cases in court, like those of Coinbase and Binance.
The SEC also argued at the time of the appeal in July that the appeal was warranted “because they involve controlling questions of law as to which there are substantial grounds for difference of opinion, and obtaining an appellate ruling on these issues now may materially advance the ultimate termination of this litigation.”
In a recent counter appeal, Ripple Labs has asked the court to deny the request by the SEC for an appeal. “The exceptional circumstances required for interlocutory appeal are absent,” lawyers representing Ripple said.
“First, the Court’s summary judgment order does not present a controlling question of law suitable for interlocutory appeal,” they continued. “Second, the supposed substantial ground for disagreement is merely the SEC’s dissatisfaction with the Court’s application of Howey to most of Defendants’ transactions in XRP,” they added
Investor Confidence Remains Intact
The spike in XRP’s on-chain activity suggests that investors remain confident concerning the token’s future performance.
Even if the SEC succeeds in filing an appeal and wins the case against Ripple, it is unlikely that investors will be shaken by it as shown in the past when the token performed impressively in January despite the court case at the time.
