NOIDA (CoinChapter.com) — Ripple (XRP) has had some recent updates across market dynamics, ledger enhancements, security incidents, ongoing legal proceedings, and speculative news. Here’s a rundown of all things XRP and Ripple
Updates: Market and Ledger Developments
The latest quarterly report from Ripple pointed out changes in XRP’s trading volume, with a notable increase in activity paralleling general market trends. Furthermore, the period saw a rise in the average daily spot volume for XRP, indicating heightened trading interest.
XRP maintained this renewed investor interest despite largely underperforming other major crypto assets in the previous quarter. The increased investor interest comes despite a decline in XRP prices.
Even now, as XRP trades near $0.52, a price level it last saw in Oct. 2023, prominent traders at the OKX exchange heavily favor long leverage positions.
Furthermore, Ripple disclosed that it changed how it sold XRP to institutions even before Judge Analisa Torres’ judgment. As such, the decision marks that the “unlawful” XRP sales only involved past sales to institutions.
An update worth mentioning is the voting process initiation for XLS-30 on the XRP Ledger, aiming to incorporate an automated market maker (AMM) feature. The development intends to improve liquidity and efficiency within the ledger’s DEX.
Additionally, ex-Ripple director Sean McBride shared a cryptic post on X, stating a big update coming from “Ripple and XRP in the next couple of days.”
Security Incident and Its Aftermath
Another Ripple update comes as a security breach involving a significant amount from Chris Larsen’s wallet drew attention to the vulnerabilities faced by prominent figures in the cryptocurrency space.
The incident led to a collaborative effort among exchanges and law enforcement to address the breach, with Binance freezing $4.2 million of the stolen funds.
However, cybersecurity firm Hacken fears that the recent Ripple hack, wherein the company’s co-founder lost 213 million XRP worth $112 million, was an insider job.
Ripple Updates: Legal Challenges
A US judge has mandated Ripple to provide financial documents and contracts related to “institutional sales” of XRP for 2022-2023 as part of the SEC’s lawsuit alleging unregistered securities offerings
The move aims to assess Ripple’s compliance post-initial lawsuit filing. Despite Ripple’s opposition, citing the request as “untimely,” the court set a February 12 deadline for compliance.
The trial is set for April amidst broader SEC actions against major crypto exchanges.
Meanwhile, Ripple is seeking a deadline extension for the document submission. At the same time, there are rumors of the SEC issuing an emergency closed meeting to discuss Ripple settlement resolution following the Feb. 15 deadline.
Ripple’s ongoing legal battle with the SEC is a critical aspect of its current landscape. Predictions suggest a lengthy litigation process, with potential appeals extending the timeline further. Any updates on the legal front often have an impact on Ripple’s price.
