2024

Spot

<ul> 
 <li>XRP spot trading volumes rose 40% Q1 2024 despite SEC dispute, hitting $865M.</li> 
 <li>XRPL upgrades include XLS-30 AMM function, enhancing DEX functionality.&nbsp;</li> 
 <li>Ripple’s global partnerships and smart contract integration extend its reach across 55+ blockchains.</li> 
</ul> 
<p>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.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The Q1 2024 XRP Markets Report is out now: <a href="https://t.co/rd2kKQMNvR">https://t.co/rd2kKQMNvR</a><br><br>Notable market developments in Q1 include:<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Continued U.S. demand for BTC Spot ETFs<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4f6.png" alt="📶" class="wp-smiley" style="height: 1em; max-height: 1em;"> CEX &amp; DEX volume growth<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2696.png" alt="⚖" class="wp-smiley" style="height: 1em; max-height: 1em;"> Key regulatory &amp; legal updates<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"> Technical blockchain upgrades including AMM on the <a href="https://twitter.com/hashtag/XRPLedger?src=hash&amp;ref_src=twsrc%5Etfw">#XRPLedger</a></p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1791564020064940082?ref_src=twsrc%5Etfw">May 17, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>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.</p> 
<p>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.</p> 
<p>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.</p> 
<p>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.</p> 
<p>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.&nbsp;</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/paraspace-experiences-large-withdrawals/">Internal Disputes Lead to Massive Withdrawals from ParaSpace</a></li>
 <li><a href="https://cryptonewsland.com/wazirx-and-binance-exchanges-dispute-escalates/">WazirX and Binance Exchanges Dispute Escalates</a></li>
 <li><a href="https://cryptonewsland.com/coinbase-claims-victory-at-supreme-court-bolsters-arbitration/">Coinbase Claims Victory at Supreme Court, Bolsters Arbitration</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-mining-machine-makers-say-2023-q1-will-be-better/">Bitcoin Mining Machine Makers Say 2023 Q1 Will Be Better</a></li>
 <li><a href="https://cryptonewsland.com/singapore-high-court-rejects-cryptocurrency-as-money-in-legal-dispute/">Singapore High Court Rejects Cryptocurrency as Money in Legal Dispute</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/xrp-spot-trading-volume-surges-40-in-q1-2024-amid-sec-dispute/">XRP Spot Trading Volume Surges 40% in Q1 2024 Amid SEC Dispute</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

XRP Spot Trading Volume Surges 40% in Q1 2024 Amid SEC Dispute

Crypto News Land

Other articles published on May 18, 2024

Bitcoin Investors Are Buying This Memecoin

LayerZero Sybil Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses

Predictions For Milei Moneda Presale Jumps To 30x Despite Depressing Price Trends On BONK And Stacks

Ripple Reveals Impressive Q1 XRP Growth in New Report

DOGE Army Enthusiastically Await X Payment Service In 2024

Cardano’s Rally Restores $2.71 Billion in Value for Investors

Join our free newsletter for daily crypto updates!