Ripple Reports Significant Q1 Growth for XRP and XRPL Amidst SEC Legal Battle

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SEO Report for :

https://beincrypto.com/ripple-xrp-xrpl-q1-2024-report/

Report Date :

May 19, 2024

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Ripple recently published its quarterly report, showcasing significant growth in XRP token and XRP Ledger (XRPL) activities. This development coincides with progress in Ripple's legal battle against the US Securities and Exchange Commission (SEC). XRP and XRPL witnessed substantial increases in trading volume during the first quarter, with daily spot trading reaching $865 million, and daily average speculative interest hitting $500 million. Transactions on XRPL doubled from the previous quarter, soaring from 121 million to over 251 million, while transaction fees decreased by 45%. Technical upgrades were implemented, including the introduction of XLS-30, a non-custodial automated market maker (AMM), enhancing liquidity and trading capabilities. Additionally, XRPL integrated with platforms like Axelar, expanding its functionality across multiple blockchains. Amidst this growth, Ripple's legal battle with the SEC continues, with the SEC seeking a $2 billion fine. Ripple remains confident in the judicial process, countering the SEC's claims and advocating for a penalty not exceeding $10 million.

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