- Ripple is countering the SEC’s interlocutory appeal, asserting that the regulatory agency fails to meet the requisite conditions.
- XRP exhibits a surge in on-chain transaction volume, reaching the highest levels since February, even as its market value remains subdued.
Ripple, the fintech powerhouse behind XRP, has challenged the U.S. Securities and Exchange Commission’s (SEC) motion for an interlocutory appeal. This legal move comes amidst a notable uptick in XRP’s on-chain metrics, signaling a complex yet dynamic landscape for the digital asset.
The Legal Gambit: Ripple’s Response to SEC’s Interlocutory Appeal
In its recent September 1st filing, Ripple negated the SEC’s bid to initiate an interlocutory appeal, a legal maneuver typically requiring the court’s permission to challenge a partial decision before a case’s final resolution. Ripple insisted that the SEC’s motion doesn’t satisfy the three pivotal criteria for certifying such an appeal.
The first criterion stipulates that the order must pivot on a
“controlling question of law.”
Ripple countered that the court’s ruling in the ongoing SEC vs. Ripple lawsuit centers not merely on abstract legal principles but is deeply rooted in the case’s particular facts. The company stressed that the SEC’s attempt to dissociate the facts from the court’s ruling, for the sake of gaining appeal approval, is fundamentally flawed.
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Moreover, Ripple refuted the SEC’s claim that the lawsuit’s outcome could set a precedent affecting other pending cases. Each SEC enforcement action, Ripple argued, has its unique procedural and factual contexts, necessitating that the SEC meet its burden under the Howey Test, the legal framework for determining what constitutes a security.
A Surge in On-Chain Utility: XRP’s Counter-Narrative
In parallel to Ripple’s legal maneuvers, XRP is displaying renewed vitality in its on-chain metrics. The digital asset commenced September with a pronounced spike in on-chain activity, recording a transaction volume of 4.8 billion XRP—figures not seen since February. Blockchain analytics firm Santiment has confirmed that XRP’s on-chain circulation touched a three-month zenith at 2.03 billion XRP.
Despite this on-chain resurgence, the asset’s market value seems stuck in a rut. As of the most recent data, XRP trades at approximately $0.495, erasing the gains accrued following its partial legal victory against the SEC.
Thus, while Ripple continues to face the legal gauntlet thrown down by the SEC, XRP‘s strong on-chain metrics could be signaling an underlying resilience. In a landscape where regulatory and market variables often intertwine, Ripple and XRP appear to be navigating an intricate dance of legal battles and technical vitality.
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