Ripple Objects to SEC’s Motion, XRP Shows Strong On-Chain Metrics
Ripple has objected to the SEC’s motion to file an interlocutory appeal, arguing that the SEC failed to establish the necessary conditions for certification. Ripple maintained that the court order in the SEC v. Ripple case was based on facts, and the SEC’s attempt to divorce the facts from the ruling is incorrect. Ripple also disagreed with the SEC’s argument that the decision could affect other pending litigations, stating that each case has different procedural and factual postures. The company countered other claims of the SEC and expressed its intent to rely on the same facts at the Second Circuit court.
Despite the legal battle, XRP has recorded strong on-chain metrics. The cryptocurrency experienced a major utility spike, with on-chain transaction volume reaching its highest level since February 1. However, XRP’s value continues to struggle, currently down 2.2% in the last 24 hours and trading at $0.495.
Key Points:
- Ripple objects to SEC’s motion for interlocutory appeal
- SEC failed to establish necessary conditions for certification
- Ripple maintains that court ruling was based on facts
- XRP records major utility spike, highest on-chain transaction volume since February 1
- XRP value continues to struggle, down 2.2% in the last 24 hours
Hot Take: Ripple’s objection to the SEC’s motion highlights their confidence in the court’s ruling and their determination to rely on the same facts in the ongoing legal battle. Despite the legal uncertainties, XRP’s strong on-chain metrics indicate continued utility and demand for the cryptocurrency, despite its struggles in terms of value.
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