Ripple recently unveiled its quarterly XRP Markets Report, a comprehensive document aimed at providing transparency and regular updates about the company’s perspectives on crypto markets, significant developments concerning the XRP Ledger, and other market activities from the last quarter.
The report highlights the company’s legal victories, specifically celebrating their win over the SEC on July 13, marking a significant moment in the crypto landscape. This landmark case clarified XRP as a non-security in the U.S. Ripple anticipates a final court decision on remedies for institutional sales before December 2020, but the primary ruling stands firm.
The company maintains steadfast confidence in a just outcome. Furthermore, in a 2018 lawsuit in California, all class claims were dismissed by the court, leaving only a minor individual claim unresolved and deemed insignificant.
On the regulatory front, Ripple points out the significant impact of the upcoming 2024 U.S. elections on the future landscape of cryptocurrency regulation. To support candidates favorable to crypto causes, Ripple has allocated $50 million to Fairshake, a federal super PAC, highlighting the urgent need for transparent regulatory frameworks.
Ripple (XRP) Trading Volume Soars on Major Exchanges
The report dives into market metrics, using data from sources like CCData, Bloomberg, and Refinitiv Eikon. XRP showed significant volatility early in Q2, with prices fluctuating between $0.43 and $0.62. As the quarter progressed, XRP’s trading range stabilized around $0.50, with volatility dropping to 45%. Trading volumes remained high, particularly on Binance, Bybit, and Upbit, which together accounted for over 65% of total XRP volume.
The XRP Ledger (XRPL) also saw advancements. Ripple announced the XRPL EVM sidechain would utilize Axelar as the bridge for sourcing eXRP, enhancing interoperability across over 55 blockchains.
Key updates include the introduction of oracles from Band Protocol and DIA, providing reliable data feeds for DeFi applications, and the upcoming Multi-Purpose Token (MPT) standard, enabling complex token structures and asset management.
Additionally, Ripple will finally launch Ripple USD, which is a stablecoin that will be backed by U.S. dollar deposits as well as short-term treasuries and it will be audited monthly by a third party. This will help to improve the XRPL’s DEX through creation of an asset this is credible for worldwide transactions.
However, during Q2, Ripple exhibited strong XRP holdings even though there was a decrease in on-chain activities; this shows how strategically managed it is and what its long-term vision is for the digital asset.
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