Ripple’s XRP cryptocurrency has experienced a surge in activity and utility, reaching milestone highs in transaction volume in August. Data from blockchain analytics platform Santiment reveals that the on-chain transaction volume on the XRP network has hit an all-time high of 4.8 billion tokens, with circulation also reaching a record of 2.03 billion.
These positive metrics are largely attributed to the enthusiasm of major XRP holders, or “whales,” who have been increasing their holdings in anticipation of a favorable outcome in Ripple’s legal battle with the United States Securities and Exchange Commission (SEC).
Interestingly, Santiment also reported a significant increase in development activity around XRP, indicating strong adoption by developers. Ripple’s Chief Legal Officer, Stuart Alderoty, has pointed out the SEC’s legal difficulties not only in the Ripple case but also in other lawsuits against them.
Despite the regulatory challenges posed by the SEC lawsuit, XRP is showing a genuine increase in utility and remains on the verge of achieving widespread adoption. While its price still lags behind its all-time high reached during the Bitcoin rally in 2018, the recent ruling that XRP is not a security under U.S. securities laws has aided its resurgence. Overall, XRP continues to gain traction, driven by heightened interest from major whales.
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