Markets
XRP Market Rises Despite SEC Drama
- XRP trading volumes increased by 40% in the first quarter of 2024 despite the SEC action.
- XRP’s uptrend is driven by whale activity and technical improvements.
On May 17, 2024 Ripple Q1 2024 XRP Launch Markets Report, Ripple outlined notable advances in the XRP markets and the broader cryptocurrency landscape. An examination of trading volumes, market dynamics, and current regulatory issues is presented in this extensive document, which focuses especially on the case against the U.S. Securities and Exchange Commission (SEC).
XRP spot volumes increase in light of SEC lawsuit
Research indicates that XRP spot trading volumes have increased significantly; in the first quarter of 2024, they reached US$865 million, an increase of 40% compared to the fourth quarter of 2023. Furthermore, the average daily open interest in derivatives increased from US$460 million in the previous quarter to US$500 millions. Despite ongoing regulatory concerns, this increase in trading activity suggests that XRP is still a vibrant market.
The SEC is among the regulatory agencies paying the most attention to this notable increase in trading volumes. Ongoing legal disputes have maintained investor interest in XRP, indicating hope in the long term. Financial data providers like CCData point out that large volumes are mainly due to robust trading activity on major exchanges like Binance, Coinbase, Bitstamp, and Upbit.
XRPL and new launches
Significant technological improvements to the XRP Ledger (XRPL) in the first quarter of 2024 included the activation of the XLS-30. A non-custodial automated market maker (AMM) has been added to this release to increase liquidity on the network and streamline decentralized exchange (DEX) operations. Despite initial issues with the AMM feature, they were quickly fixed, and on April 11, the fix was successfully included on mainnet.
These improvements further Ripple’s broader goal, which is to promote the compatibility and advancement of blockchain technology.
XRPL’s integration with other platforms such as Axelar, which allows developers to work with smart contracts and decentralized applications on more than 55 blockchains, has increased its possibilities. These developments will further establish XRPL as a cutting-edge blockchain platform.
Simultaneous SEC Action Against Ripple
Part of Ripple’s 2024 storyline is still the current SEC litigation. The SEC called for heavy fines and an order barring Ripple from selling XRP institutionally. With suggestions for lesser sanctions and denials of the SEC’s claims, Ripple has resisted these demands.
The crypto world is keeping an eye on the ongoing legal processes for any changes that could establish industry standards. Both sides are anticipating a court ruling on the solution, which could impact US cryptocurrency regulations.
At the time of writing, the price of XRP was at $0.5241above 1.33% in the last 24 hours, according to data from CoinMarketCap. Furthermore, over the past week, XRP has demonstrated a bullish stance by increasing by 4.00%. As Crypto News Flash previously indicated, whale activity had already pushed XRP to $0.5168 in a single day, continuing its upward trajectory to its current price.