XRP Transaction Volume Surges to 7-Month High Alongside Dev Activity

1. XRP on-chain transaction volume has reached 7-month highs.
2. Ripple recently filed a motion to junk the SEC’s request for appeal citing lack of compelling reasons.
3. XRP price remains volatile at sub-$0.50 as crypto market is hit by successive negative news.

XRP is being used widely for transactions across the globe. This is evident from recent data posted by Santiment, wherein XRP transaction volume has skyrocketed to a 7-month high at the onset of September.

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As said in the post, on-chain transaction volume has reached 4.8 billion XRP, showing that the cryptocurrency is being widely traded and used for cross-border transactions, most probably through Ripple’s On-Demand Liquidity (ODL).

The data was published in the wake of Ripple officially filing a motion to junk the US Securities and Exchange Commission’s (SEC) request to appeal the court decision that was partly in favor of Ripple.

According to Ripple’s filing, the SEC lacks compelling reasons to appeal the case, mostly due to the SEC’s discontent with the ruling.

Regardless of the recent Ripple news and XRP’s transaction activity surge, the price remains volatile at levels below $0.50. At the time of writing, XRP is trading at $0.496, as per CoinGecko.

However, it may be possible for XRP to bounce back alongside the rest of the crypto market soon. In context, global markets including stocks and cryptocurrency were hit quite heavily by successive negative news and have yet to show signs of recovery. Particularly in the crypto space, frontrunner Bitcoin is still struggling to push back despite bullish developments. Once the market has stabilized, XRP may start seeing signs of recovery.

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• Legal Expert Foresees Ripple’s SEC Appeal Delayed Until 2024