NewsletterXRP Purchases In The US On The Rise: On-Chain Data
In a welcome change in trading pattern, investors in the United States have apparently shown a renewed interest in purchasing the XRP token, in context of the US SEC lawsuit judgment. According to on chain data, the token buying was higher on Coinbase throughout August 2023.
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XRP Buying Pressure Jumps
Data from Kaiko showed that there was a rise in sell volume ratio with world’s top cryptocurrency exchange Binance while at the same time, Coinbase saw a rise in buying pressure. Also, the average trade size of the XRP buyer in the US based exchange has also risen, more than any other top 10 altcoins, the data showed. Interestingly, the reversal in buying pressure in the US comes after the July 2023 Summary Judgment in the U.S. Securities and Exchange Commission (SEC) lawsuit.
During the same time period, the XRP price saw the loss of gains it saw following the historic judgment, which deemed that the programmatic sale of tokens to retail buyers was not securities. In terms of the enterprise software business, Ripple witnessed the re-engagement with the United States based clients, a development that plagued the company since the SEC filed the lawsuit in December 2020.
What Next In XRP Lawsuit
In the most recent development, the company had in a filing with the United States District Court for the Southern District of New York opposed the US SEC’s efforts to certify an interlocutory appeal. The Ripple lawyers argued that the agency officials are contesting the Court’s interpretation of the Howey test. Regardless of the outcome of the request for appeal, both the parties have expressed their availability to participate in trial proceedings in the second quarter of 2024, until which the Summary Judgment holds the status quo.
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