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Amidst the Ripple vs. SEC case, the company published its Q4 report highlighting that they are strong and have finished the quarter positively. The quarterly XRP Market Report provides the required transparency and the company’s view on the crypto market’s state. Being an XRP holder, the company believes that a dynamic dialogue and transparency are synonymous with being a stakeholder.
Brief Summary
Ripple’s crypto-enabled cross-border payment solution, including On Demand Liquidity (ODL), has been launched in Africa, France and Sweden, and is available in almost 40 payout markets. Total XRP sales by Ripple have increased by 137% from last quarter to $310.68 million. At the same time, Peersyst had released the initial phase of the EVM sidechain for the XRP ledger on Devnet, which allows DeFi applications like Uniswap, Compound and Aave to launch XRPL easily. They sold $226 million worth of XRP in Q4 and scored around 228,000 new users.
Summary of the Crypto Market
The last quarter of 2022 was marked by earth-shattering events in the industry, causing a liquidity crunch and a drought-like situation in trading volumes pushing the industry to its limits. Mainly due to the FTX collapse and harsh crypto winter. These situations created uncertainty about the future, where the industry entered a consolidation state. Now the companies working on building real-world utilities and use cases would thrive. The general population lost trust, and the Proof-of-Reserve mechanism could not solve the issue it was supposed to be; audited or not, the widespread sentiment for all the exchanges revolved around trust. These situations triggered a mass migration towards Decentralized Exchanges (DEXs), intensifying the precariousness prevailing in the market.
XRP spot market’s average daily volumes (ADVs) dropped to $700 million in Q4 from $1.1 billion in Q1. Such conditions plagued the whole industry, with every player suffering greatly.
Ripple vs. SEC
The case regarding unregistered securities has been going on since December 2020. With both parties done with the submission of papers, arguments, and testimonies, Ripple seems more confident of the ruling to be in their favor. Although the time frame for the verdict isn’t mentioned yet, the company feels it could be in the latter half of 2023.
XRPL: Is it Winning?
Ripple proudly wrapped up 2022 as their strongest year ever, focusing on crypto utility and scaling its On-Demand Liquidity (ODL) products. With the global demand for ODL reaching a record high, the crypto company is prepared to meet the challenge head-on in 2023 with the added advantage of growing despite harsh market conditions. Ripple processed $30 billion worth of volume, where approximately 60% came in from ODL.
Price and Volume
Source: Q4 2022 XRP Market Report
For obvious reasons, in Q4 2022, XRP price declined by 30% and volumes by 40%. ADVS were $689 million, down by 13% from Q3.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
