Your Exclusive Insights into Ripple’s Latest XRP Markets Report
As a crypto enthusiast, you are about to delve into the latest Q1 2024 XRP Markets Report released by Ripple, offering you exclusive insights into the state of the crypto markets, the XRP Ledger, and significant market developments during the period. This report underscores Ripple’s commitment to transparency and its proactive approach to industry communication and trust-building.
Overview of Crypto Markets
– Notable market developments in Q1 2024
– Continued demand for BTC Spot ETFs in the US
– Growth in centralized and decentralized exchange volumes
– Key regulatory and legal updates
– Technical blockchain upgrades
– Traditional institutional investors recognizing large asset managers as an entryway to the crypto market
In Q1 2024, crypto traders witnessed a significant shift as markets experienced a mini-renaissance period. Leveraging examples such as ETF Authorized Participants hedging their inventory on the CME, projects like Ethena accumulating $2B in delta-neutral assets, and unusual funding rates, more trading infrastructure is now in demand. As prime brokers, settlement networks, and tri-party solutions become common, the market’s growth and maturation are poised to accelerate.
Updates on Global Crypto Regulations
– EU regulators introduced draft regulatory standards under MiCA for stablecoin issuers
– Hong Kong established a regulatory sandbox for stablecoin issuers
– BIS issued regulatory recommendations for global stablecoin arrangements
Meanwhile, in the US, a new stablecoin bill was introduced by Senators Gillibrand and Lummis to lay the foundation for a regulatory framework for payment stablecoins. Notable developments also include the Virtual Asset Regulatory Authority in Dubai granting a VASP license to Deribit, MAS granting in-principle approval for a payment license to OKX, and over 300 crypto asset providers seeking approvals for licenses in South Africa.
Exploring XRP Markets
– XRP spot volumes surged to $865M in Q1 ’24, a 40% increase from Q4 ’23
– Daily average XRP derivatives open interest was $500M in Q1 ’24
– Technical upgrades lowering barriers of entry into crypto
– XLS-30 introduced a non-custodial AMM on the XRP Ledger’s DEX
Moreover, the XRP Ledger saw the launch of XLS-30, which added a non-custodial AMM as a native feature to the XRPL’s DEX, enhancing on-chain liquidity and trading capabilities for DeFi developers and users. Ripple’s XRP holdings were also highlighted, showcasing the distribution of XRP available in wallets and subject to on-ledger escrow lockups released monthly.
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