Ripple Q3 Report Displays 5% Exchange Growth 

Ripple's Q3 report reveals a 5% increase in US exchange volume, a legal victory, and positive market performance for XRP, thereby bolstering investor confidence.

Ripple Q3 Report Displays 5% Exchange Growth 

Ripple, best known for its cryptocurrency XRP, has released its much-anticipated quarterly report.

The report, published on October 31, focuses on significant highlights of transactions and trades during the third quarter of 2023 and details several metrics.

While there are significant aspects of the Q3 XRP report, the 5% increase in the US Trade Exchange captivated the crypto community.

According to the recently released Ripple XRP report, the company emphasized growth as more exchanges enabled XRP trading, including US exchanges, which increased XRP volume by 5%.

Ripple XRP Q3 Report Highlights

The XRP report, which included diagrams, charts, and extensive data, suggested that broader macro assets are focusing on coins, highlighting market developments, and putting pressure on asset prices and liquidity.

In addition, most XRP trading activity continued to occur on non-US exchanges such as Binance, OKX, and Upbit.

Furthermore, the XRP report mentioned the July 13, 2023 landmark court decision in Securities and Exchange Commission vs. Ripple Labs Inc.

In the ruling, the court explicitly declared that XRP is not a security, thereby clarifying XRP’s regulatory status.

The court’s ruling reaffirms that neither XRP, just like Bitcoin, is classified as security.

The report also highlighted the development of XRP’s status, as new listings on Bit.com and Deribit have created coin markets.

Besides, considering Ripple’s business statistics, the XRP report suggested that most of Ripple’s customers and counterparties have been outside the US.

It was also stated that their foreign companies continue to collaborate with non-U.S. parties in regulatory jurisdictions that are explicit.

SEC Legal Action Against Ripple

The Ripple report highlighted the SEC lawsuit against Ripple in great detail.

Notably, 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 denied the allegations and asserted that the transaction was entirely legal because XRP is not a security.

In July 2023, the court ruled that XRP is not a security, validating Ripple’s position.

Current XRP Value and Market Condition

The XRP price was up 4.72% to $0.6001, indicating a favorable sentiment among market participants.

Simultaneously, its market cap was 4.75% at $22.13 billion, despite its volume rising 39.36% to $2.13 billion over the previous 24 hours.

Given the gains, XRP is likely to perform well among investors regaining confidence in the digital asset market.