Ripple has released its Q2 2024 XRP Markets Report, offering a comprehensive look at recent legal victories, global regulatory developments, and XRP market trends.
The report, published on Aug. 2nd, highlights the one-year anniversary of Ripple’s landmark win against the SEC (July 13), which provided regulatory clarity for XRP in the United States. Ripple is still awaiting a decision on remedies related to institutional sales before Dec. 2020 but remains confident in a fair outcome.
In a separate legal matter, a California court dismissed all class claims against Ripple in June, with only one individual state law claim remaining. This development further strengthens Ripple’s legal position in the U.S.
The forthcoming 2024 U.S. elections carry significant weight for the crypto industry, as highlighted in the report. Ripple’s commitment to Fairshake, a federal super PAC that endorses pro-crypto political contenders, has surged to $50 million, with a recent $25 million injection.
Globally, regulators are actively working to establish themselves as key players in the realm of cryptocurrencies. Hong Kong is in the process of formulating a licensing system for entities issuing stablecoins, as per the report.
In addition, Brazil’s central bank is crafting a regulatory framework that specifically targets token issuers and virtual asset service providers. The UAE has already put forth regulations governing services related to stablecoins, and as of June 30, Europe has implemented the Markets in Crypto-Assets (MiCA) regulation concerning stablecoins.
Ripple XRP market performance in Q2 2024
The second quarter report delves into the market performance of XRP in 2024. Initially marked by significant fluctuations, XRP’s value oscillated between $0.43 and $0.62 before stabilizing near $0.5 with reduced volatility. Notably, Binance, Bybit, and Upbit collectively represented more than 65% of XRP’s trading volume, with the majority of transactions involving USDT pairs.
Additionally, Ripple has revealed the upcoming introduction of its stablecoin, Ripple USD, scheduled for release later this year. This currency will be supported by reserves of U.S. dollars and short-term government securities, subject to routine external audits and monthly validations.
However, the report concludes with detailing Ripple’s ownership of 4,682,112,997 XRP as of June 30, 2024, along with an additional 39,500,000,005 XRP secured in on-ledger escrow.
Related | Binance Labs backs Particle Network’s multi-chain solution
