{"id":148131,"date":"2023-09-02T04:06:54","date_gmt":"2023-09-01T22:36:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=148131"},"modified":"2023-09-02T04:06:54","modified_gmt":"2023-09-01T22:36:54","slug":"xrp-ignites-september-with-7-month-high-activity-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xrp-ignites-september-with-7-month-high-activity-crypto-news\/","title":{"rendered":"XRP Ignites September with 7-Month High Activity – Crypto News"},"content":{"rendered":"

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According to a recent report, Ripple\u2019s ongoing dispute with the Securities and Exchange Commission (SEC) is causing waves. Consequently, the XRP market has observed significant spikes in utility this month. Besides the case\u2019s impact, XRP has experienced a 7-month high on-chain volume and a 3-month peak in circulation.<\/span><\/p>\n

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\ud83e\uddd1\u200d\ud83d\udcbb #XRP<\/a> is seeing major utility spikes to start the month. In addition to today’s milestone highs in #onchain<\/a> transaction volume (4.8B $XRP<\/a>) and circulation (2.03B $XRP<\/a>), the development activity for the 5th largest cap asset in #crypto<\/a> is up big as well. https:\/\/t.co\/AdWcrUun9n<\/a> pic.twitter.com\/QHQ6U8Q0J5<\/a><\/p>\n

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\u2014 Santiment (@santimentfeed) September 1, 2023<\/a><\/p>\n<\/blockquote>\n

Ripple Challenges SEC\u2019s Intentions<\/b><\/h2>\n

In July, a defining verdict came forth, partially in Ripple\u2019s favor, regarding the classification of XRP sales. Consequently, the SEC is pushing for an appeal, particularly on Ripple\u2019s programmatic sales. As per Judge Analisa Torres, these sales did not breach securities regulations due to a specific blind bid process.<\/span><\/p>\n

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Moreover, Ripple\u2019s direct sales of <\/span>XRP tokens <\/span><\/a>to institutional players were labeled securities, marking a semi-victory for the SEC. Ripple has, however, made its stance clear. If the SEC proceeds with the appeal, Ripple will cross-appeal against the judgment on institutional sales.<\/span><\/p>\n

Ripple\u2019s legal representatives argued, \u201cThe exceptional circumstances required for interlocutory appeal are absent.\u201d Besides, they stressed that the court\u2019s summary judgment did not align with the parameters suitable for such appeals. Additionally, they opined that the SEC\u2019s discord stemmed from the court\u2019s application of the Howey test to most XRP transactions.<\/span><\/p>\n

XRP Market Reactions and Projections<\/b><\/h2>\n

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Hence, as the legal tussle intensifies, market indicators for XRP offer a mixed picture. Despite hitting an intra-day peak at $0.512, <\/span>XRP retraced <\/span><\/a>2.44% to settle at $0.4961. However, this minor setback hasn\u2019t dampened the token\u2019s momentum. Significantly, if XRP breaks the $0.512 barrier, it may establish fresh resistance marks at $0.525 and $0.540.<\/span><\/p>\n

\"\"<\/p>\n

XRP\/USD 1-day price trend<\/em><\/p>\n

However, failing to surpass the resistance could lead XRP to lean towards the $0.480 and $0.460 support zones. Moreover, while XRP\u2019s market capitalization dropped by 2.06% to around $26.26 billion, its 24-hour trading volume escalated by 6.63% to approximately $1.11 billion.\u00a0<\/span><\/p>\n

The ongoing SEC-Ripple courtroom drama seems to catalyze XRP\u2019s market momentum. As the legal tussles intensify, XRP\u2019s utility showcases signs of thriving amidst the chaos. The cryptocurrency world will be keenly observing the upcoming chapters of this legal saga and its subsequent ripples in the market.<\/span><\/p>\n

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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According to a recent report, Ripple\u2019s ongoing dispute with the Securities and Exchange Commission (SEC) is causing waves. Consequently, the XRP market has observed significant spikes in utility this month. Besides the case\u2019s impact, XRP has experienced a 7-month high on-chain volume and a 3-month peak in circulation. \ud83e\uddd1\u200d\ud83d\udcbb #XRP is seeing major utility spikes […]<\/p>\n","protected":false},"author":2,"featured_media":138802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-148131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=148131"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148131\/revisions"}],"predecessor-version":[{"id":148133,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148131\/revisions\/148133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138802"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=148131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=148131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=148131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}