Ripple CEO Highlights Changes in XRP Quarterly Market Report

Ripple CEO Brad Garlinghouse has called attention to new changes in the XRP market reports, highlighting the threefold increase in XRPL’s DEX trading volume.

In an X post yesterday, Garlinghouse stated that the XRP quarterly report is slightly different from previous versions, following the coverage of XRPL-related activities.

The prominent crypto stakeholder made the comment following the release of Ripple’s Q3 2023 report for the markets. According to Garlinghouse, the quarterly report for XRP now tracks daily spot and the XRPL’s native decentralized exchange (DEX) trading volume.

Interestingly, Garlinghouse shed light on the massive increase in XRPL’s DEX trading volume in the previous quarter, which surged 3x quarter-on-quarter (QoQ).

As shared in Q2, our XRP Markets Reports now look a bit different than before. On the plus side, our markets team gives new insight into XRP/L activity they track including daily spot & DEX trading volume (3x growth QoQ!): https://t.co/nfsDGl79HU

— Brad Garlinghouse (@bgarlinghouse) November 1, 2023

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XRPL Records Massive Boost in Q3

It bears mentioning that XRPL’s native DEX growth was shared in Ripple’s Q3 2023 market report. According to the report, the trading volume on the DEX spiked tremendously to $218,610,501 ($218.61 million) in Q3 2023 compared to Q2’s $51,671,864 ($51.67 million).

Besides the massive surge in the DEX trading volume, XRPL also recorded other impressive stats in the previous quarter. The leading blockchain network saw a spike in the number of new wallets, as 157,936 addresses were recorded in Q3, marking a 13.91% surge from Q2’s 138,644.

XRP Average Price Spikes 9.8%

XRPL’s bullish performance in the previous quarter also extended to the performance of its native token, XRP. Per the data, XRP closed Q3 2023 at an average price of $0.52. This represents a 9.8% increase from the $0.48 recorded in the second quarter.

Interestingly, XRP’s $0.52 close in Q3 also marks an astounding 57.5% increase in the asset’s year-to-date (YTD) price. The massive surge in XRP price in Q3 came as a result of the positive ruling in the SEC v. Ripple lawsuit.

Recall that U.S. District Judge Analisa Torres ruled on July 13 that XRP in itself is not a security. The ruling resulted in a spike in XRP price, surging to a yearly high of $0.938.

XRPL Saw Decreased Activity in Q3

Meanwhile, the XRP Ledger saw decreased activity in Q3, following in the same direction as other blockchains. In Q3 2023, the number of XRPL transactions plunged from Q2’s 99,312,734 (99.31 million) to 90,446,746 (90.44 million).

In addition, XRPL’s average daily active addresses also slumped 18.5% to 44,013.