Ripple’s Q3 report reveals a 5% growth in US exchanges, a significant legal victory, and positive market performance for XRP. These developments have bolstered investor confidence in the cryptocurrency.
Ripple, the company behind the XRP cryptocurrency, has released its highly anticipated report for the latest quarter, which became available on November 1. This report delves into key highlights of transactions and trades, presenting various metrics for the third quarter of 2023.
Among the noteworthy elements in the Q3 XRP report, one that has captured the crypto community’s attention is the 5% growth in XRP trading on US exchanges. Ripple’s report underscores this growth, underscoring that more exchanges, particularly those in the United States, have boosted their XRP trading volumes.
Key Insights from Ripple’s Q3 Report
The XRP report, presented through illustrations, charts, and detailed information, highlighted the importance of monitoring XRP in relation to broader macro assets. It emphasized how market developments and overall market conditions could affect XRP’s prices and liquidity.
Moreover, the report showed that most of the trading activity involving XRP took place on major non-U.S. exchanges, with platforms like Binance, OKX, and Upbit being prominent in XRP trading.
The XRP report also drew attention to a significant legal ruling made on July 13, 2023, in the case of Securities & Exchange Commission vs. Ripple Labs Inc. This ruling clarified that XRP is not considered a security, providing regulatory certainty for XRP. This decision aligned XRP with cryptocurrencies like Bitcoin, confirming that it is not classified as a security.
Additionally, the report highlighted positive developments in XRP’s market status, including new listings on platforms like Bit.com and Deribit.
In terms of Ripple’s business statistics, the XRP report indicated that the majority of Ripple’s customers and partners were located outside the United States. It pointed out that foreign companies continued to collaborate with non-U.S. entities in regions with clear regulatory guidelines.
Ripple Faces SEC Lawsuit
In late 2020, the SEC filed a lawsuit against Ripple and its executives, claiming that Ripple’s XRP token was a security and that over $1.3 billion worth of XRP had been traded illegally. Ripple, however, contested these allegations, arguing that XRP was not a security and that its trading activities were legal.
The legal battle concluded in July 2023 with a significant victory for Ripple. The court ruled that, as a matter of law, XRP is not a security, affirming Ripple’s position.
XRP Price and Market Status
During the writing of this report, XRP’s price had risen by 4.72% to reach $0.6001, indicating a positive sentiment in the market. Additionally, the trading volume for XRP over the past 24 hours had surged by 39.36% to reach $2.13 billion, and its market capitalization had increased by 4.75% to reach $32.13 billion.
These gains suggest that XRP may be an attractive choice for investors who are gaining confidence in the digital asset market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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