Ripple’s Q3 report reveals a 5% increase in US exchange activity, a legal triumph, and XRP’s favorable market performance, enhancing investor assurance.
Ripple, renowned for its cryptocurrency XRP, has unveiled its long-anticipated Q3 report. Published on November 1, this report places a spotlight on key transaction and trade highlights, offering an extensive overview of various Q3 metrics in 2023.
Although there are significant components within the Q3 XRP report, what truly drew the crypto community’s focus was the notable 5% surge in the US Trade Exchange.
According to the recently published Ripple XRP report, the company emphasized its growth as an increasing number of exchanges began to facilitate XRP trading. Notably, US exchanges experienced a 5% rise in XRP volume.
Key Points from Ripple’s Q3 XRP Report
The XRP report, conveyed through visuals, graphs, and comprehensive data, drew attention to the significance of XRP in the context of broader macro-assets. It highlighted market trends and their impact on asset prices and liquidity.
Additionally, XRP trading remained largely concentrated on major non-US exchanges, notably Binance, OKX, and Upbit.
Also, the XRP report acknowledged a significant legal milestone that occurred on July 13, 2023, in the case of Securities & Exchange Commission vs. Ripple Labs Inc. In this ruling, the court definitively asserted that XRP does not qualify as a security.
This ruling brought much-needed regulatory clarity to XRP’s status, aligning it with Bitcoin as a non-security asset. The report also highlighted developments in the status of XRP, with the coin making its mark in the market through new listings on Bit.com and Deribit.
Furthermore, when considering Ripple’s business landscape, the XRP report pointed out that a majority of Ripple’s clientele and business partners are located outside the United States. It emphasized that foreign entities from countries with clear regulatory frameworks continue to collaborate with non-U.S. entities.
The Present Price of XRP and Market Situation
During the time of writing, XRP experienced a 4.72% price increase, reaching $0.6001, indicating a positive sentiment in the market. Additionally, its trading volume in the last 24 hours surged by 39.36%, amounting to $2.13 billion, and its market capitalization grew by 4.75%, reaching $32.13 billion.
These gains suggest that XRP is likely to attract investors who are regaining confidence in the digital asset market.
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