XRP, the main cryptocurrency of Ripple, saw a big boost in its usage in August. This data is from Santiment, a company that looks at blockchain activities. Even with Ripple having issues with the United States Securities and Exchange Commission (SEC), it’s been a good month for them.
Santiment noticed that there was a record amount of 4.8 billion XRP tokens being used. The amount of these tokens being shared also hit a new high at 2.03 billion. A lot of this growth is because people who hold a lot of XRP, known as “whales,” believe that Ripple will win against the SEC. They think that XRP won’t be seen as a security. As of July 20, 2023, there were 221 addresses that had between 10 million and 1,000 million XRP. This is worth about $8.71 billion, with each coin priced at $0.56.
Developers Are Showing Interest
Another good sign for XRP is that more developers are getting involved. Santiment has noticed more activity from developers around XRP. Ripple’s top legal person, Stuart Alderoty, said the SEC is having problems. They’re not just facing Ripple, but also other companies. For example, there was a case where Grayscale wanted to offer a Bitcoin ETF and they won.
XRP’s Future Looks Bright
XRP’s price is now a bit over $0.52. This is still far from its best price of $3.84 back in 2018. The reason for the drop in price was mostly because of the SEC’s lawsuit against Ripple in 2020. But things started to change in July when a judge said that XRP isn’t a security by U.S. rules. Now, XRP is doing better and even going head-to-head with Tether’s USDT coin. Even with the SEC problem, XRP is growing because big investors are showing interest. Can XRP become one of the top 5 cryptocurrencies again?
On-Chain Volume and Activity
September has started with a big jump in XRP activity. Santiment saw the most activity for XRP since February 1st. At the same time, there’s been a lot of development around XRP. The on-chain transactions for XRP hit 4.8 billion with 2.03 billion in circulation. These numbers show that people are using XRP more and more.
Legal Wins for XRP
XRP had to deal with many legal problems. But in July, a decision was made that said its sales were not securities. This was after a long fight with the SEC.
Conclusion
In the end, XRP is showing that it can overcome challenges and still grow. With more investors and developers coming in, the future looks promising.
