- XRP volumes rebounded strongly over Q4, with daily trading reaching $600 million.
- Ripple’s report noted that other digital assets surged in Q4, with BTC volumes up 88% QoQ and ETH up 140% QoQ.
- By December 31, 2023, Ripple held 5,077,658,695 in its wallets and 40,700,000,005 XRP, subject to on-ledger escrow.
According to the recently released Q4 2023 XRP Markets Report, XRP volumes rebounded strongly over the fourth quarter, with daily spot trading reaching $600 million, reflecting a 75-100% increase from the lows of the third quarter. The growth was not peculiar to XRP as other digital assets surged simultaneously, with BTC volumes up 88% Quarter on quarter (QOQ) and ETH up 140%.
Ripple provided details of its XRP holdings in the fourth quarter of 2023, categorizing them under what the firm has in its wallets and XRP subject to on-ledger escrow lockups. According to the report, as of September 30, 2023, Ripple held 5,258,162,324 XRP in its wallets, with 41,300,000,005 more tokens subject to on-ledger escrow.
By December 31, 2023, Ripple’s XRP wallet holdings had dropped to 5,077,658,695, while 40,700,000,005 XRP tokens remained subject to on-ledger escrow. The blockchain firm noted that it cannot access XRP subject to on-ledger escrow until a scheduled monthly release is affected.
The report covered various aspects of XRP’s development in the period under review and extended to analyze changes in the wider crypto industry. It highlighted some external factors that impacted XRP’s price development and the crypto market volatility experienced in Q4 2023.
According to Ripple, the D.C. Circuit Court’s rejection of the U.S. Securities and Exchange Commission’s (SEC) case against Grayscale’s spot Bitcoin ETF application sparked the crypto rally at the end of October.
The report projects large-scale shifts in the 2024 market structure, highlighting the approved ETF that develops a signal of increased institutional interest. That is in addition to investor appetite for “BTC proxies” such as Microstrategy, Coinbase, and various mining stocks.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/xrp-trading-volume-surged-to-remarkable-600m-in-q4-2023-report/