March 2, 2024

Ripple has released the long-awaited XRP market report for Q4, 2023. According to the report, Ripple modified its manner of selling XRP tokens to institutions even before the July 13, 2023 ruling in the US SEC vs. Ripple case. 

This report was released on February 7, capturing critical developments in the XRP market. Also, the report revealed that XRP recorded an increase in spot trading volume in the fourth quarter of 2023, hitting an average of $600 million daily. 

XRP Changes Sales Strategy Attracting More Investor Interest 

Ripple published the latest quarterly report as a voluntary effort to promote transparency and updates for the XRP Army. According to the report, Q4 of 2023 was monumental for cryptocurrencies.

The D.C. Circuit Court’s rejection of the SEC’s lawsuit against Grayscale’s Spot ETF application resulted in a rally. 

Also, the US Feds posted dovish interest rates in the period, which also sustained the general rally. Meanwhile, Spot XRP volumes surged in Q4, 2023, reaching an average of $600 million daily, which is up 75-100% from the lows of Q3 in 2023. 

According to the chart, XRP hit a historical 90-day low. However, its volatility increased and almost doubled in mid-November. The main reason for this increase was a spike in XRP’s price due to the market rally in October and November. 

This rally resulted from speculation surrounding Bitcoin ETFs that were eventually approved in January 2024. Meanwhile, XRP’s volume migrated slowly from Binance to other exchanges such as Coinbase, OKEX, Upbit, and bybit. 

This migration from Binance was likely due to the resignation of Changpeng Zhao as CEO following a regulatory clampdown. In addition, the report predicted that 2024 will usher in several large-scale changes in the market structure. 

Ripple’s Wins Against The SEC Captured In Q4 Report 

Also, the landmark judgment for Ripple in the Sec’s case on July 13, 2023, was one of the focal points in this report. The Court ruled in favor of Ripple Labs, confirming that XRP is not a security under federal law. 

Additionally, the Court stated that the majority of Ripple’s sales and distribution of XRP tokens did not constitute investment contracts.

Therefore, these sales are considered lawfulThe Court also dismissed all claims of the SEC against Ripple’s co-founder Chris Larsen and CEO Brad Garlinghouse, clearing them of all accusations. 

This ruling was a major victory for the crypto sector, with widespread criticism of the SEC a common sentiment. 

However, Ripple Labs also acknowledged certain historical XRP sales to some institutions that were investment contracts. Such contracts should have been registered with the SEC

Nevertheless, Ripple and the SEC will enter the “remedies” phase of this case with legal notes to be submitted in March and April 2024. 

Also, based on the report, Ripple had already modified the way it sold XRP before the court ruling in July 2023 to comply with legal standards. Ultimately, the goal is to promote transparency and compliance to build trust with investors. 


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