Ripple's Q1 2024 XRP Markets Report, published on May 17, 2024, highlights substantial progress within the XRP markets and the wider cryptocurrency landscape.
In Q12024, Ripple Trading Volumes Rise Despite Regulatory Inspection
The research highlights a notable 40% rise in Ripple trading volumes to $865 million in Q1 2024 compared to Q4 2023, highlighting a surge in trading volumes. In parallel, the average daily open interest for XRP futures increased to $500 million from $460 million in the prior quarter, indicating strong trading activity in the face of continued regulatory scrutiny.
In spite of regulatory obstacles, such as a pending case with the U.S. Investor interest in XRP continues, according to the Securities and Exchange Commission (SEC). The analysis highlights the relationship that exists between market activity and Ripple trading volumes, suggesting that the XRP market is resilient.
Despite regulatory challenges, Ripple expresses confidence in the judicial process
The situation is made more complicated by the SEC's attempts to hold Ripple accountable for its historical Institutional Sales of XRP. The SEC's action has prompted Ripple's strong pushback. The move seeks almost $2 billion, including disgorgement, prejudgment interest, fines, and an injunction.
Ripple argues that in the absence of proof of deception or carelessness, the law does not support disgorgement without a showing of injury, and he suggests a maximum fine of $10 million. On May 6, the SEC refuted Ripple's claims.
Both parties are anticipating the Judge's ruling on final remedies in the coming months. Ripple remains confident in the judicial process and expects a fair approach from the court. Despite legal uncertainties, the XRP market continues to thrive, supported by sustained investor confidence in its future prospects.
May 2024, Cryptoniteuae