XRP’s Rise Amid SEC Appeal: Key Developments and Insights

TL;DR

• XRP experienced a surge in social media activity following Bitwise’s ETF filing and ongoing developments in the Ripple v. SEC case.
• Aptos (APT) is gaining attention with its expansion into Asia, while Chainlink (LINK) is seeing increased interest due to its collaboration with SWIFT.

Growing Excitement Around XRP

According to crypto analytics platform Santiment indicated that XRP has recently seen a significant increase in discussions on social media.

This interest has been sparked in part by Bitwise’s filing for an XRP exchange-traded fund (ETF). As CryptoPotato reported, the company filed the necessary documentation in Delaware, generating excitement and expectations that an ETF for this asset may soon be pending.

Additionally, XRP’s rise in buzz is driven by the US SEC’s decision to appeal a 2023 ruling made by Federal Judge Torres. In that ruling, the judge concluded that secondary sales of Ripple’s token do not meet the criteria for securities sales.

The SEC was required to make a move by October 7, and many market watchers anticipated that silence from the agency would signify the conclusion of the protracted legal battle. However, the appeal filed means the litigation could extend for several more years, creating new uncertainty.

XRP’s value took a hit in response to this news, dropping by over 10% to reach a monthly low of about $0.51. It has since slightly recovered, currently trading at approximately $0.52 (according to CoinGecko).

Other Coins Making Waves

As per Santiment, Aptos (APT) and Chainlink (LINK) are also among the top three digital assets generating notable discussion.

Aptos Labs has shown its ambition to expand further into Asia by agreeing to acquire HashPalette, a provider of non-fungible token (NFT) services based in Japan.

“Japan presents a vital opportunity for Aptos Labs. The acquisition of HashPalette and the migration of HashPort’s Palette Chain to Aptos are essential first steps to equip Japanese businesses and developers with top-tier blockchain solutions,” mentioned Mo Shaikh, founder and CEO of Aptos Labs.

The recent surge in interest surrounding APT can also be attributed to Franklin Templeton’s launch of an on-chain US government money fund (FOBXX) utilizing the Aptos blockchain.

“This integration marks a significant step in bridging traditional finance with decentralized technology, further enhancing Aptos’s position as a premier network for secure, efficient, and interoperable financial solutions,” stated the Aptos blockchain team.

APT’s valuation has seen a significant boost, standing among the top market performers following these developments. Currently priced around $8.60, it reflects a 20% increase over the past two weeks.

Chainlink (LINK) holds the third position in terms of social engagement. Santiment has highlighted that there is considerable excitement among industry players regarding SWIFT’s blockchain technology collaboration.

“Successful trials have been conducted involving Chainlink’s Cross-Chain Interoperability Protocol (CCIP), showcasing its capability to connect various blockchain networks for financial institutions,” noted the analytics platform.