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  <p lang="en" dir="ltr">🧑‍💻 #XRP is seeing major utility spikes to start the month. In addition to today's milestone highs in #onchain transaction volume (4.8B $XRP) and circulation (2.03B $XRP), the development activity for the 5th largest cap asset in #crypto is up big as well. https://t.co/AdWcrUun9n pic.twitter.com/QHQ6U8Q0J5</p>  
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  <p>— Santiment (@santimentfeed) September 1, 2023</p> 
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 <p></p> 
 <h2 id="b-ripple-challenges-sec-s-intentions-b"><b>Ripple Challenges SEC’s Intentions</b></h2> 
 <p><span style="font-weight: 400">In July, a defining verdict came forth, partially in Ripple’s favor, regarding the classification of <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> sales. Consequently, the SEC is pushing for an appeal, particularly on Ripple’s programmatic sales. As per Judge Analisa Torres, these sales did not breach securities regulations due to a specific blind bid process.</span></p>  
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 </div> 
 <p><span style="font-weight: 400">Moreover, Ripple’s direct sales of </span><span style="font-weight: 400"><a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> tokens </span><span style="font-weight: 400">to institutional players were labeled securities, marking a semi-victory for the SEC. Ripple has, however, made its stance clear. If the SEC proceeds with the appeal, Ripple will cross-appeal against the judgment on institutional sales.</span></p> 
 <p><span style="font-weight: 400">Ripple’s legal representatives argued, “The exceptional circumstances required for interlocutory appeal are absent.” Besides, they stressed that the court’s summary judgment did not align with the parameters suitable for such appeals. Additionally, they opined that the SEC’s discord stemmed from the court’s application of the Howey test to most <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> transactions.</span></p> 
 <h2 id="b-xrp-market-reactions-and-projections-b"><b>XRP Market Reactions and Projections</b></h2>  
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 <p><span style="font-weight: 400">Hence, as the legal tussle intensifies, market indicators for XRP offer a mixed picture. Despite hitting an intra-day peak at $0.512, </span><span style="font-weight: 400">XRP retraced </span><span style="font-weight: 400">2.44% to settle at $0.4961. However, this minor setback hasn’t dampened the token’s momentum. Significantly, if XRP breaks the $0.512 barrier, it may establish fresh resistance marks at $0.525 and $0.540.</span></p> 
 <p><img decoding="async" class="aligncenter  wp-image-158257" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20715%20562'%3E%3C/svg%3E" alt="" width="715" height="562" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/02/58dc1e9a60fed0139c136b4241997915.webp"> 
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 <p style="text-align: center"><em><a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a>/USD 1-day price trend</em></p> 
 <p><span style="font-weight: 400">However, failing to surpass the resistance could lead XRP to lean towards the $0.480 and $0.460 support zones. Moreover, while XRP’s market capitalization dropped by 2.06% to around $26.26 billion, its 24-hour trading volume escalated by 6.63% to approximately $1.11 billion.&nbsp;</span></p> 
 <p><span style="font-weight: 400">The ongoing SEC-Ripple courtroom drama seems to catalyze <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a>’s market momentum. As the legal tussles intensify, <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a>’s utility showcases signs of thriving amidst the chaos. The cryptocurrency world will be keenly observing the upcoming chapters of this legal saga and its subsequent ripples in the market.</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/xrp-ignites-september-with-7-month-high-activity-tbt61277.html">https://thebittimes.com/xrp-ignites-september-with-7-month-high-activity-tbt61277.html</a></p>

XRP Ignites September with 7-Month High Activity

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