Ripple has released the company’s quarterly XRP Markets Report, featuring insights on crypto market trends, updates from the XRP Ledger, and other key developments in the marketplace from the last quarter. The release further emphasizes and reaffirms Ripple’s commitment to promoting transparency and fostering open communication within the crypto industry.
The report shows that in Q1 2024, spot volumes of XRP grew to $865 million versus Q4 2023, up by 40%. Meanwhile, the average daily open interest of the token derivatives increased to $500 million from $460 million, thereby indicating growing trading activity.
A key landmark during such time was the continued litigation process by the SEC against Ripple. On March 22, the SEC sought a federal judge to issue calculated remedies totaling approximately $2 billion to be imposed on Ripple for its previous sales of its nayive token to institutions.
On April 22, Ripple opposed it, mentioning that the SEC’s application for disgorgement should have been rejected. Instead, they proposed an amount of $10 million, which would suitably serve as a level of punishment. Awaiting a decision on these reliefs in the coming months, Ripple has confidence that the judgment will be fair.
The State Of The XRP Ledger
One of the major developments underway on the XRP Ledger was enabling XLS-30, which introduced a non-custodial automated market maker feature to its decentralized exchange. Indeed, it aims to provide on-chain liquidity with better trading capabilities for DeFi developers. Developers have successfully found and fixed the AMM bug, and it was perfectly integrated into Mainnet in April.
It saw notable integrations, including Axelar, which expanded interoperability with over 55 blockchains, and Zoniqx, which aims to simplify real-world asset tokenization. Furthermore, EasyA launched initiatives to onboard developers onto XRPL and its Ethereum Virtual Machine-compatible sidechain.
On-chain activity on the XRPL also soared in Q1, with transactions 108% higher and average transaction costs 45% lower. The surge was said not to have clogged the network, thus suggesting an impressive ability to handle growing activity. Liquidity and trading efficiency were further upgraded by auto-bridging, which, as its name suggests, facilitated trades between assets on the XRPL using XRP.
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