Ripple Spotlights $865M XRP Volume Amid SEC Lawsuit: Report
According to the Ripple Q1 2024 XRP Markets Report published on May 17, 2024, Ripple has highlighted significant developments in the XRP markets and the broader crypto landscape.
The report provides an analysis of trading volumes, market dynamics, and ongoing regulatory challenges, mainly the lawsuit with the U.S. Securities and Exchange Commission (SEC).
XRP Spot Volumes Surge 40% Amid SEC Lawsuit
The report shows a great growth of the XRP spot trading volumes which reached $865 million in Q1 2024, this is a 40% increase from Q4 2023. The average daily open interest in derivatives also went up, being $500 million as against the previous quarter’s $460 million.
This increase in trading activity shows that XRP is still a lively market even though the regulatory issues are there.
This increase in the volume is rather significant as it goes in line with the increased attention of regulatory bodies, including the SEC. The ongoing legal battles, however, have continued investor interest in XRP, which means that there is confidence in its long-term future.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvR
Notable market developments in Q1 include:
Continued U.S. demand for BTC Spot ETFs
CEX & DEX volume growth
Key regulatory & legal updates
Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
Moreover, financial data providers like CCData have said that most of the contributions come from some exchanges such as Binance, Coinbase, Bitstamp, and Upbit, which show strong trading activity on many platforms.
XRPL and Technical Upgrades
The XRP Ledger (XRPL) also went through the major technical upgrades during the first quarter of 2024. The activation of XLS-30 generated the ledger with a non-custodial automated market maker (AMM) to increase on-chain liquidity and make decentralized exchange (DEX) operations more efficient.
Although there were initial problems like a bug that affected the AMM feature, it was fixed quickly and by April 11, the fix had been successfully integrated into the mainnet.These upgrades are a part of Ripple’s general goal to assist in the development and compatibility of blockchain technology.
The integration of XRPL with other platforms, for example Axelar, has increased the capabilities of XRPL to developers and they can now easily interact with smart contracts and decentralized applications in over 55 blockchains. These advancements are set to solidify XRPL’s position as a leading platform in the blockchain space.
Ongoing Ripple SEC Lawsuit
The ongoing lawsuit with the SEC is and will remain a key part of Ripple’s 2024 narrative. The SEC has recently taken a number of steps which have included the request for remedies against Ripple, that involves significant financial penalties and an injunction concerning Ripple’s institutional sales of XRP.
Ripple has however opposed these demands, suggesting a much lower penalty and denying the reasons of the SEC’s claims. The legal proceedings are ongoing, with the crypto community closely watching for any developments that could set precedents for the industry.
Both parties however are awaiting a judicial decision on the remedies, which could influence the regulatory landscape for cryptocurrencies in the United States.
Meanwhile, the XRP price has been bullish after testing support at the intra-day low of $0.514. At press time, XRP was exchanging hands at $0.5243 a 1.695 surge from the day’s low despite a decline in trading volume by 12.20% to $1,015,841,214.
Read Also: Spot Bitcoin ETFs Net $1.3B in May, Reversing April’s $344M Outflows
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