In the opening week of September, Ripple (XRP) made waves on major US exchanges as trading volumes surged, sparking anticipation of a potential price trend reversal. This newfound momentum, supported by on-chain data, has ignited speculation that XRP’s spot values may experience an upswing in the weeks ahead. XRP, which previously soared to $0.8 in July due to a favorable court ruling, suffered a 25% drop in August, now hovering at $0.52, primarily due to significant sell-offs on offshore exchanges.
Additionally, XRP’s Open Interest has rebounded, currently standing 8% higher.
In a surprising turn of events, recent On-Chain data has revealed a surge in XRP adoption within the United States, particularly on Coinbase, a popular exchange, during August 2023. XRP’s trading activity has outpaced many other cryptocurrencies, with an average monthly trade volume of $462 million, far surpassing rivals like SOL and BNB, which recorded $128 million and $121 million, respectively. Nevertheless, this heightened trading activity has not translated into higher prices for XRP.
Data from Kaiko suggests that while buying activity surged on Coinbase, Binance emerged as the primary platform for XRP selling. Notably, XRP has now surpassed the top 10 cryptocurrencies in terms of buying activity on US exchanges. This shift in buying behavior followed a significant court ruling in July 2023, affirming that XRP sales to regular buyers do not qualify as securities. This newfound confidence is attributed to strong community support and John Deaton’s assertion that XRP is the next Bitcoin.
CoinShares has reported a sudden halt in inflows into XRP-focused investment products after experiencing a streak of $2.7 million in the past four weeks. Despite this temporary setback, XRP continues to reign as the top choice among crypto-oriented investment products, with cumulative inflows exceeding $13 million.
Among traditional investors, only Bitcoin, Short Bitcoin, and Solana have managed to eclipse XRP in popularity.
In the latest update, Ripple has opposed the SEC’s attempt to appeal a court decision in a filing with the United States District Court for the Southern District of New York. Ripple’s lawyers say that the SEC is questioning how the court applied the Howey test, a legal test used to determine if something is a security. Regardless of the appeal’s outcome, both Ripple and the SEC are ready to go to trial in the second quarter of 2024, as long as the current court decision remains in place.
Ripple Steals the Show
All eyes are on Ripple’s Proper Party event in NYC on September 29th, where Ripple may announce an SEC settlement or IPO to restore investor faith. Increased mainstream adoptions will help the firm in either case. In the meanwhile, adding to XRP’s challenges, the SEC has asked to pause its lawsuit against Ripple while they appeal the court’s decision about XRP’s status. Ripple disagrees with this request.
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