Key Points:
Highlighting a surge in Ripple trading volumes, the report unveils a noteworthy 40% increase to $865 million in Q1 2024, compared to Q4 2023. Concurrently, daily average XRP derivatives open interest rose to $500 million, up from $460 million in the previous quarter, reflecting robust trading activity amidst ongoing regulatory scrutiny.
Despite regulatory challenges, including an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), investor interest in XRP persists. The report emphasizes the correlation between Ripple trading volumes and market activity, indicating resilience within the XRP market.
The SEC’s pursuit of remedies against Ripple for its historic Institutional Sales of XRP further complicates the landscape. Seeking approximately $2 billion, including disgorgement, prejudgment interest, penalties, and an injunction, the SEC’s move has sparked Ripple‘s vigorous opposition.
Ripple contends that the law does not justify disgorgement without demonstrated harm, proposing a penalty of no more than $10 million in the absence of fraud or recklessness allegations. The SEC rebutted Ripple’s arguments on May 6.
Looking ahead, both parties anticipate the Judge’s ruling on final remedies, expected in the coming months. Ripple expresses confidence in the judicial process, banking on a fair approach from the court. Amidst legal uncertainties, the XRP market maintains its vibrancy, buoyed by continued investor confidence in its long-term prospects.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the success story of a New York tech entrepreneur who made $72M from a…
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
This website uses cookies.