XRP spot volumes surged to $845M in Q1 2024, representing a 40% increase from the previous quarter. Daily average XRP derivatives open interest also saw a notable rise, reaching $500M compared to $460M in Q4 2023.
In the ongoing SEC lawsuit against Ripple, the SEC submitted a request for remedies against Ripple, seeking $2B in disgorgement, prejudgement interest, and penalties. Ripple argued against the SEC’s claims and proposed a maximum fine of $10M by saving the evidence of fraud. The case is now with the judge regarding the ultimate remedies.
Regulatory Landscape Evolves
The EU published draft standards under MiCA for stablecoin issuers, while Hong Kong introduced a regulatory sandbox. In the US, the SEC expanded its audit, reportedly investigating ETH and issuing subpoenas to firms about their dealings with the Ethereum Foundation.
XRP Ledger Upgrades
The XRP Ledger saw the successful deployment of XLS-30, adding a non-custodial automated market maker (AMM) as a native feature. Additionally, the XRPL integrated with Axelar, enabling interoperability with over 55 blockchains, and witnessed various other platform integrations like Zoniqx and Orchestra Finance.
Also Read: Ripple Grants $1M to Morgan State for FinTech Research
