XRP On-Chain Activity Reaches New Milestones
In the midst of ongoing regulatory challenges, XRP has achieved significant milestones in its on-chain activity, signaling a thriving ecosystem. According to data from Santiment, XRP reached a seven-month high for on-chain volume, totaling 4.8 billion. The circulation of XRP also hit a three-month high at 2.03 billion. Development activity within the XRP ecosystem has also seen a significant increase.
Key Points:
- XRP achieved a seven-month high for on-chain volume, totaling 4.8 billion.
- The circulation of XRP reached a three-month high at 2.03 billion.
- Development activity within the XRP ecosystem has significantly increased.
- The on-chain metrics reflect increased usage and engagement within the cryptocurrency ecosystem.
- The positive on-chain activity coincides with Ripple’s ongoing legal battle with the SEC.
The significance of these milestones cannot be overstated as they demonstrate robust network activity and increased engagement within the XRP ecosystem. However, the token’s long-term valuation will depend heavily on the outcome of the legal case between Ripple and the SEC. While the court ruled that XRP is not a security, the second phase of the legal battle is approaching, with the SEC filing for an appeal.
Hot Take:
The current on-chain momentum and increased development activity are positive signs for XRP’s future prospects. However, the token’s valuation will be heavily influenced by the outcome of the legal case. The XRP community is eagerly awaiting the token to reach the critical $1 mark, but predictions suggest it may trade around $0.52 by September 30, 2023. Despite a recent correction, XRP’s sustained on-chain activity remains a positive indicator for its ecosystem.
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