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- Trading volumes of XRP increased 40% in Q1 2024 in spite of the SEC action.
- Bullish trend in XRP is driven by whale activity and technical improvements.
In its May 17, 2024, release of the Ripple Q1 2024 XRP Markets Report, Ripple outlined noteworthy advancements in the XRP markets and the larger cryptocurrency scene. An examination of trade volumes, market dynamics, and current regulatory issues is given in this extensive paper, which focuses especially on the case against the U.S. Securities and Exchange Commission (SEC).
Spot XRP Volumes Increase in the Face of SEC Lawsuit
The research indicates that XRP spot trade volumes have increased significantly; in Q1 2024, they reached $865 million, a 40% rise from Q4 2023. Additionally, the average daily open interest in derivatives increased from $460 million in the quarter before to $500 million. Despite continuous regulatory concerns, this increase in trading activity suggests that XRP is still a vibrant market.
The SEC is among the regulatory agencies paying closer attention to this notable rise in trading volumes. The ongoing legal disputes have maintained investor interest in XRP, indicating hope for the long term. Financial data suppliers like CCData point out that large volumes are mostly due to robust trading activity on big exchanges like Binance, Coinbase, Bitstamp, and Upbit.
XRPL and New Releases
Significant technological improvements to the XRP Ledger (XRPL) in Q1 2024 included the activation of XLS-30. An automated market maker (AMM) that is not custodial was added with this version to increase on-chain liquidity and streamline decentralized exchange (DEX) operations. Despite early problems with the AMM feature, they were swiftly fixed, and by April 11, the fix had been successfully included on the mainnet.
These improvements further the more general objective of Ripple, which is to promote blockchain technology compatibility and advancement.
The integration of XRPL with other platforms, such as Axelar, which enables developers to work with smart contracts and decentralized apps across more than 55 blockchains, has increased its possibilities. These developments are going to further establish XRPL as a top blockchain platform.
Concurrent SEC Action Against Ripple
Part of Ripple’s 2024 storyline is still the current SEC litigation. The SEC has asked for large fines and an order stopping Ripple from selling XRP institutionally. With suggestions for lesser sanctions and denials of the SEC’s assertions, Ripple has resisted these demands.
The crypto world is keeping a close eye on the ongoing legal processes for any changes that might establish industry standards. Both sides are anticipating a court decision on the remedy, which could impact US cryptocurrency regulations.
At the time of writing, the price of XRP was at $0.5241, up 1.33% in the last 24 hours, according to CoinMarketCap data. Moreover, within the last week, XRP has demonstrated a bullish posture by increasing by 4.00%. As Crypto News Flash earlier indicated, whale activity had already driven XRP up to $0.5168 in a single day, continuing its upward trajectory up to the present price.
