On Tuesday (July 26), crypto analytics firm Santiment talked about the XRP Network reaching “a huge milestone.”
According to Santiment’s tweet, “the amount of unique addresses currently interacting on the network has exceeded 247k in just a 4-hour window.”
The following chart by Messari (based on data from Coin Metrics) shows how XRP’s Active Address Count has changed in the past one-year period. This is how Messari explains this metric:
“The sum count of unique addresses that were active in the network (either as a recipient or originator of a ledger change) that interval. All parties in a ledger change action (recipients and originators) are counted. Individual addresses are not double-counted.“
You will notice that on July 17, the Active Address Count 272,298, which is the highest it has been ever been. In fact, in the past 30-day period and one-year period, the Active Address Count has gone up 22.16% and 2218.34% respectively.
As you probably already know, on 22 December 2020, the U.S. Securities and Exchange Commission (SEC) announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Essentially, the SEC is arguing that XRP is a security under U.S. federal securities laws.
American lawyer John Deaton (@JohnEDeaton1 on Twitter), the owner of the Deaton Law Firm (which is based in East Providence, Rhode Island), who has been closely following and commentating on the SEC’s lawsuit against Ripple. Deaton is also the founder of the website CryptoLaw, which “was launched in 2021 to be a clearinghouse of information, news and analysis on key U.S. legal and regulatory developments for digital asset holders”, as well as the host of the YouTube channel CryptoLaw.
On Tuesday (July 19), the New York Regional Office of the SEC filed a letter (dated June 7) addressed to U.S. District Judge Hon. Analisa Torres, in which the SEC said it “opposes six XRP investors’… motion to file an amicus brief regarding the opinions of one of the SEC’s experts.” The SEC went on to say that the U.S. District Court for the Southern District of New York should deny this motion and “prohibit Deaton from any further participation in these proceedings.”
Well, yesterday, XRP holders got a win when Judge Torres issued an order that denied the SEC’s request (which means Deaton is allowed to keep amici status).