Introduction
Ripple publishes the quarterly XRP Markets Report to provide transparency on the company’s views on the state of crypto markets, XRP Ledger developments, and market trends over the previous quarter. Ripple emphasizes the importance of trust, open communication, and raising industry standards.
Crypto Markets Summary
- In Q3 2023, the crypto market was less influenced by broader macro assets and focused more on industry-specific news.
- BTC’s correlation to the S&P reached a historic low of 0.23, while XRP’s correlation was at 0.16.
- The market saw significant challenges with protocol hacks, rug pulls, and scams, resulting in nearly $686 million lost in the quarter.
- Trading volumes for BTC and XRP reached three-year and four-year lows, respectively.
- XRP trading predominantly occurred on major non-US exchanges. However, following a US court decision in July, XRP was relisted on several US exchanges.
- The market awaits potential BTC/ETH ETF approvals in Q1 2024, with global economic conditions influencing market perceptions.
Update on the SEC Lawsuit against Ripple
- On October 19, the SEC dismissed all remaining charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
- The case will now proceed to the remedies stage, following Ripple’s consecutive legal victories.
Global Regulatory Developments
- Asian regulators, especially Singapore’s MAS, have been proactive in providing crypto regulatory clarity.
- Ripple received a major payments institution license from Singapore’s MAS.
- The UK’s FCA introduced new financial promotions rules for crypto businesses, and a new UK bill aims to address crypto assets related to crime.
- G20 leaders are pushing for a cross-border framework for crypto.
Deep Dive: XRP Markets
- Ripple will now publish standardized market metrics from public sources.
- XRP price and trading volumes experienced significant fluctuations, with trading volumes ending the quarter at $300-400M a day.
- Binance remains a dominant player in the XRP market, with US exchanges growing in their share of global XRP volume.
The State of the XRP Ledger
- The XRP Ledger saw proposals for new features to enhance trust, safety, and innovation.
- Notable projects included NFTrade’s integration with the XRP Ledger and the launch of the first mortgage-backed stablecoin on the XRP Ledger.
- On-chain activity on the XRP Ledger’s DEX increased more than 3x in Q3.
Ripple’s XRP Holdings
- Ripple provides details of its XRP holdings, including XRP in its wallets and XRP in on-ledger escrow lockups.
- As of September 30, 2023, Ripple held 5,258,162,324 XRP, with 41,300,000,005 XRP in on-ledger escrow.
Conclusion
The Q3 2023 XRP Markets Report sheds light on the evolving landscape of the crypto market, Ripple’s legal battles, and the state of the XRP Ledger. With regulatory clarity emerging in various regions and the crypto market responding to global economic conditions, the future trajectory of XRP and the broader crypto market remains a focal point for stakeholders. Ripple’s commitment to transparency and its proactive approach to addressing challenges are commendable, setting a precedent for others in the industry.
Source: Ripple Insights
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