- XRP spot trading volumes rose 40% Q1 2024 despite SEC dispute, hitting $865M.
- XRPL upgrades include XLS-30 AMM function, enhancing DEX functionality.
- Ripple’s global partnerships and smart contract integration extend its reach across 55+ blockchains.
The first quarter of 2024 witnessed a significant growth of XRP spot trading volumes that increased by 40% as compared to the previous quarter’s trade volume of $ 485 million which recorded $ 865 million. Trading volume surged despite the ongoing SEC vs. Ripple dispute. Worldwide acceptance for XRP is significantly high, hence overcoming all regulatory issues.
The improvement in trading products has its key reason in a few large Bitvill, Coinbase, SumPOS, and Bitstamp which indicates the existence of strong trading activities across different networks. Moreover, the average Open Interest in XRP traded on the derivatives market picked up with $500 million recorded in the month preceding this quarter compared to $400 million in the preceding quarter.
In the first quarter of 2024, the XRPL had a technical upgrade that succeeded in enhancing interoperability with other ledgers and upgrading it’s functionality. Another necessary improvement is enabling the XLS-30 function, a non-custodial automated market maker (AMM) on Ripple’s decentralized exchange (DEX). However, several issues were also encountered, including a bug affecting the AMM aspect. Nevertheless, quick and dutiful fixes were guaranteed, which just demonstrated the resilience and dedication of the XRPL towards development.
Moreover, partnerships with platforms such as The Axelar have vastly enhanced XRPL’s feature sets that now comprise of Smart contracts or DAps across over 55 blockchains. This innovation suggests that XRPL is a blockchain platform designed to enhance access, availability, and applications.
Ripple will focus on the lawsuit with the SEC in 2024, which is now the main concern for the SEC which applies financial consequences and an injunction against Ripple selling XRP to institutions. In connection with this, Ripple is also disputing the requests for a higher fine and for the SEC to be presented with proof of their claims. Such a legal process could result in a fairly important precedent for the crypto-business regulation in the US.
Moreover, the development of global regulations, including the establishment of the standard regulatory regime for crypto issuers under the EU legislative framework, and regulatory steps of various crypto entities around the world, shows how the crypto market is under the developing of regulatory situation not only for the USA but for the whole world.
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