In the midst of the ongoing regulatory challenges, on-chain activities for XRP appear unfazed, reaching new milestones that are likely to impact the token’s valuation.
XRP’s On-Chain Metrics Soar
Amidst the tumultuous regulatory landscape, XRP has defied the odds and achieved remarkable milestones in its on-chain activities.
Data from the crypto analysis platform Santiment paints a compelling picture of a thriving XRP ecosystem. As of September 2, XRP had reached a seven-month high for on-chain volume, totalling an impressive 4.8 billion.
Simultaneously, the data indicates that XRP’s circulation has hit a three-month high of 2.03 billion. These statistics are complemented by a noticeable surge in development activity within the XRP ecosystem, as highlighted by the behaviour analysis platform.
Impact on XRP’s Price
The significance of these numbers cannot be overstated, as they reflect robust network activity for XRP, signifying increased usage and engagement within the cryptocurrency ecosystem.
Notably, these metrics coincide with a period during which XRP’s parent company, Ripple, is still embroiled in a legal battle with the Securities and Exchange Commission (SEC).
It is worth noting that these metrics also came when the company received a partial victory, as the court ruled that XRP is not a security. Overall, the current on-chain momentum and increased development activity are optimistic signs for XRP’s future prospects.
Legal Uncertainty Looms
However, it’s crucial to note that while the on-chain metrics appear impressive for XRP, the token’s long-term valuation will heavily depend on the overall outcome of the legal case. Both parties are gearing up for the second phase, with the SEC having already applied for an appeal and provided trial dates.
XRP price analysis
In the past week, XRP experienced a correction that pushed its price below the $0.50 level, reaching a low of $0.48. At the time of writing, the token was valued at $0.50, with minimal gains of less than 0.1% over the last 24 hours and a 3% decline on the weekly chart.
In addition to the potential impact from the legal front, XRP’s prospects are also influenced by the broader market trends in the coming days.
However, the sustained on-chain activity remains a positive indicator for the XRP ecosystem, offering hope and optimism amid the ongoing regulatory challenges.