Ripple Q3 Report Shows 5% US Exchange Growth Amid Legal Win
Ripple, a company known for its cryptocurrency XRP, released the much-awaited report for its latest quarter. Released on November 1, the report focuses on major highlights of transactions and trades, detailing several metrics in Q3 of 2023.
While there are major aspects of the Q3 XRP report, what caught the major attention of the crypto community was the growth of 5% in the US Trade Exchange.
As per the released Ripple XRP report, the company highlighted growth as more exchanges turned on XRP trading, including the US exchanges which increased by 5% in XRP volume.
Highlights Of Ripple XRP Q3 Report
Shared in illustrations, charts, and detailed information, the XRP report suggested attention on coins by broader macro assets, emphasizing market developments, and weighing on asset prices and liquidity.
Furthermore, trading activity in XRP continued to predominantly occur on the major non-US exchanges such as Binance, OKX, and Upbit.
In addition, the XRP report noted the landmark court ruling on July 13, 2023, in the case of Securities & Exchange Commission vs. Ripple Labs Inc. In the judgment, the court definitively declared that XRP is not a security, which led to clarity on XRP’s regulatory status. The court’s decision confirms that XRP, just like Bitcoin, is not classified as a security.
The report also marked the development in XRP status, as the coin markets have emerged with new listings on Bit.com and Deribit.
Besides, considering Ripple’s business statistics, the XRP report suggested that the majority of Ripple’s customers and counterparties have been outside the U.S. It added that their foreign companies continue to partner with non-U.S. parties in clear regulatory jurisdictions.
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SEC Lawsuit against Ripple
In detail, the Ripple report highlighted the details of the SEC lawsuit against Ripple. It is to be noted that, towards the end of 2020, the SEC filed a lawsuit against Ripple and its officials. SEC alleged that Ripple’s XRP token is a security and Ripple has traded XRP tokens worth over $1.3 billion.
However, Ripple did not accept the allegations and claimed that the trade was purely legal as XRP does not come under the securities.
It was in July 2023, that the step-by-step victory of Ripple finally concluded into a win, as the legal case came with the ruling that, as a matter of law, XRP is not a security, proving Ripple’s point.
Current XRP Price and Market Status
The XRP price was up 4.72% to $0.6001 during writing, suggesting a bullish sentiment among the market participants. Simultaneously, its volume over the past 24 hours increased 39.36% to$2.13 billion, while its market cap was 4.75% to $ 32.13 billion during writing.
Considering the gains, XRP is likely to do well with investors who are regaining their confidence in the digital asset space.
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