In a recent release of its XRP markets report for Q4 2023, Ripple provided a comprehensive analysis of the cryptocurrency markets and revealed changes in how it sells XRP to institutions, a shift made even before the partial victory over SEC in the July 13 ruling.
Legal Wins in the Limelight
On Feb 7, Ripple released its Q4 2023 report, highlighting significant legal wins against the SEC. These victories not only clarified that XRP isn’t considered a security under federal law but also marked a historic win for the whole crypto industry.
This shift in perception has broader implications, influencing how digital tokens are classified and underscoring Ripple’s commitment to fair play and ethical business practices.
Ripple’s quick response to the court’s decisions, like changing how it sells XRP, shows it wants to follow the rules and create a clean and fair crypto environment. These changes reveal Ripple’s smart approach to dealing with unclear crypto regulations.
Ripple’s Licensing Achievements
Further, the report also delves into Ripple’s global compliance efforts, spotlighting significant licensing milestones. Ripple has successfully secured a Major Payments Institution license from the Monetary Authority of Singapore and obtained a virtual asset service provider registration from the Central Bank of Ireland.
However, these achievements are integral to Ripple’s plan to work within the global rules. It shows how Ripple wants to follow the financial rules worldwide and expand its services to more places.
Surge in Trading Volumes
In Q4 2023, XRP trading volumes experienced a substantial surge, aligning with the overall positive trend in the cryptocurrency market. According to the report, Ripple disclosed that XRP saw a resurgence in spot trading volume during the fourth quarter, reaching an average of $600 million daily.
This increase in trading activity isn’t just a number; it signifies a rising interest in XRP among investors, coinciding with a broader rally in the crypto market.
The surge in trading volumes showcases the growing popularity of XRP, capturing the attention of investors amidst the larger crypto market upswing.