- Ripple marks one year since winning a landmark lawsuit against the SEC, reinforcing XRP’s non-security status.
- Global controlling developments in Q2 2024 include progress in Hong Kong, Brazil, UAE, and Europe, creating future crypto countries.
- XRP exhibited elevated volatility in early Q2, stabilizing later as trading volumes and prices settled.
Ripple’s Q2 XRP Markets Report: Legal Wins and Regulatory Progress
Ripple has released its Q2 2024 XRP Markets Report, pointing to clearness and proactive communication. uniform was affecting a key theme this quarter, with ETH spot ETFs approved for listing in the US. This milestone is a step towards a more mature market, likely paving the way for other ETFs like Solana. Macroeconomic factors such as enlargement and interest rates also affect market ideas, with BTC’s relation to the S&P 500 rising to 0.4.
The crypto market trained unstable after a rally beginning in Q3 2023. Average daily trading volumes for BTC, ETH, and XRP fell by 20% from Q1, with BTC prices in short dropping below $60,000. Factors influencing this included the BTC halving in April and serious BTC giving out related to the Mt. Gox legal battle.
July 13 marked the anniversary of Ripple’s rules win against the SEC, go heard about XRP’s status as a non-security. Ripple awaits a decision on uniform sales before December 2020, but the core ruling is expected to remain unchanged. In June, a California court dismissed class claims from a 2018 lawsuit, further reinforcing Ripple’s legal position.
Global Regulatory Developments
The 2024 US elections are poised to significantly impact the future of crypto regulation. Ripple donated $25 million to Fairshake, a federal super PAC supporting pro-crypto candidates. Additionally, the SEC closed its investigation into Ethereum 2.0, deciding not to pursue enforcement action.
Globally, several executive milestones were achieved. Hong Kong introduced licensing rules for stablecoin issuers, and Brazil’s Central Bank outlined a regulatory framework for virtual asset service providers. The UAE issued regulations for stablecoin services, and Europe’s MiCA regulations came into force, with Circle complying with the new framework.
In Q2, XRP’s price volatility ranged from $0.43 to $0.62, normalizing around $0.50 by the quarter’s end. Trading volumes remained high, especially on Binance, Bybit, and Upbit, which accounted for over 65% of the total traded volume. Most XRP trading projects occurred against USDT pairs.
Future Plans
Ripple plans to launch Ripple USD, a stablecoin backed by a US dollar stake and other assets, later this year. The stablecoin will be available on XRPL and Ethereum, with future expansion plans.
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.
