In a significant legal development, Ripple, the renowned cryptocurrency payments company, has released a market report outlining the resolution of its legal battle with the U.S. Securities and Exchange Commission (SEC). The report clarifies that all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen have been dismissed "with prejudice," effectively ending the accusations and eliminating the need for a scheduled trial in 2024. Ripple had previously been fined $700 million for institutional sales classified as securities. This victory comes after a series of wins for Ripple, including a July ruling that established XRP as not a security and an October decision that rejected the SEC's appeal. Additionally, Ripple has secured a vital payment institution license in Singapore, furthering its global expansion in Southeast and East Asia.
In related news, The XRP Ledger's decentralized exchange (DEX) has experienced significant growth in the third quarter, drawing attention from Ripple CEO Brad Garlinghouse. Ripple's market report highlighted a threefold increase in trading volume on the DEX on a quarter-over-quarter basis, particularly during 12 July 2023 to 17 August 2023. The data from the report revealed that the total trading volume on the DEX for Q3 reached $218.6 million, a substantial rise from Q2's $51.6 million, even though the number of transactions decreased slightly. Spot trading saw a surge after a key court decision against the SEC, reaching a peak volume of $4 billion on 13 July of this year before stabilizing at daily volumes of $300-400 million by the quarter's end. The market was notably dominated by Binance, securing an average 60% market share in Q3. Additionally, XRP's price recently showed signs of recovery, reaching $0.60, accompanied by increased whale activity and a record high number of wallets holding at least 10,000 XRP.
Ripple Triumphs in Legal Battle with SEC, Focuses on Global Expansion
In a momentous turn of events, Ripple has taken a significant step towards resolving its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC). Yesterday, Ripple released a comprehensive market report that sheds light on the current status of the case, providing clarity on the aftermath of the SEC's astonishing decision on 19 October 2023. The dismissal of all remaining charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen "with prejudice" marks a conclusive end to the allegations, eliminating any potential for future claims against these individuals and effectively obviating the need for a trial scheduled for April 2024.
The recent developments signal a major victory for Ripple and its leadership team, as they move forward into the remedies stage of the legal process. During this phase, the court will assess and determine appropriate remedies, if any, in light of its finding that certain institutional sales conducted by Ripple constituted sales of securities. Notably, Ripple had previously been fined a substantial $700 million in connection with these institutional sales, which were classified as securities offerings by the SEC.
Ripple's journey through the U.S. legal system has been marked by a series of significant wins. On 13 July 2023, the company achieved a pivotal victory when a ruling established that XRP, the cryptocurrency associated with Ripple, is not a security. This ruling was a critical turning point in the legal battle, as it disassociated XRP from securities regulations, granting Ripple a considerable advantage in its ongoing dispute with the SEC. Further fortifying its position, an October 3 decision rejected the SEC's appeal, reaffirming the status of XRP and Ripple's stance in the cryptocurrency industry.
Amid these legal challenges in the United States, Ripple has been making substantial strides on the global stage. One of the company's recent accomplishments includes securing a significant payment institution license from the Monetary Authority of Singapore (MAS), a pivotal regulatory body in the heart of Southeast Asia. This milestone is of immense strategic importance to Ripple's cryptocurrency payments business, as it grants the company greater access and legitimacy in the Southeast and East Asian markets.
The acquisition of the MAS license positions Ripple as a formidable player in the fast-growing and dynamic cryptocurrency payments sector. It allows Ripple to expand its services and tap into the vast potential of the Asian market, which has shown a burgeoning interest in blockchain technology and digital currencies.
The Ripple team's unwavering commitment to its vision of revolutionizing global payments through blockchain technology is evident in their ability to navigate the complex legal landscape while simultaneously expanding their reach into new markets. The recent dismissal of charges against Garlinghouse and Larsen, coupled with the license acquisition from MAS Singapore, underscores Ripple's resilience and determination to continue shaping the future of cross-border payments.
As Ripple emerges victorious from its legal battle with the SEC and sets its sights on international expansion, the cryptocurrency community eagerly awaits further developments in this ever-evolving narrative.
XRP Ledger's Decentralized Exchange Witnesses Remarkable Q3 Growth
The XRP Ledger's decentralized exchange (DEX) has reported a remarkable surge in performance during the third quarter of the year, drawing the attention of the cryptocurrency community and Ripple CEO Brad Garlinghouse. In a recent market report released by Ripple, the platform's trading volume on the DEX witnessed an impressive threefold increase on a quarter-over-quarter (QoQ) basis. This surge in growth was particularly notable between July 12 and August 17, during which trading volumes occasionally reached an impressive $20-30 million in mid-August this year.
The data presented in Ripple's Q3 2023 report provides a detailed overview of the activities on the XRP Ledger's DEX. The total trading volume for Q3 reached a substantial $218.6 million, marking a significant leap from the $51.6 million recorded in the previous quarter (Q2). Although the number of transactions slightly decreased from 99.3 million in Q2 to 90.4 million in Q3, the average closing price for XRP saw a positive uptick, rising from $0.48 to $0.55.
The XRP Ledger's DEX has played a pivotal role in the cryptocurrency landscape since its inception in 2012. It serves as a vital platform for users to trade tokens against XRP and other digital assets. Notably, spot trading experienced a substantial uptick following a pivotal court decision against the SEC, reaching a peak volume of approximately $4 billion on 13 July 2023. By the end of the quarter, daily trading volumes had stabilized at levels ranging from $300-400 million. Binance notably emerged as a dominant player in the XRP market, securing an average market share of approximately 60% during Q3.
Despite facing challenges and a significant price dip in mid-August, XRP has shown signs of recovery in recent times. Data analytics firm Santiment observed that XRP's price recently surged to $0.60, a level it had not reached since its downturn on 16 August 2023. This resurgence in price is complemented by a notable increase in whale activity, indicating that larger market participants are renewing their interest in the cryptocurrency.
In addition to the positive developments, the number of wallets holding at least 10,000 XRP has reached an all-time high, indicating a growing level of investor confidence and participation in the XRP ecosystem.
As XRP continues to demonstrate resilience and growth on its decentralized exchange, the cryptocurrency community is closely monitoring its trajectory, with optimism prevailing for the future. Ripple's market report showcases not only the progress of the XRP Ledger's DEX but also the enduring appeal of XRP in the ever-evolving world of digital assets.
XRP printed a 2.55% gain over the past 24 hours. At press time, data from the cryptocurrency price tracking website CoinStats indicated that the remittance token was trading hands at $0.607166. Notably, the recent increase in price was a continuation of XRP’s positive weekly performance, which stood at +9.02% following the 24-hour gain.
Price chart for XRP (Source: CoinStats)
Bitcoin (BTC) outperformed XRP throughout the past day of trading. Consequently, XRP was down 0.59% against the market leader. This also meant that 1 XRP token was estimated to be worth 0.00001709 BTC at press time.