XRP Ledger Saw 114K+ New Wallets, 116M+ Transactions and 140K+ XRP Burned in Q1 2023
The XRP Ledger (XRPL) saw growth in Q1 2023, despite market uncertainty and the ongoing Ripple vs. SEC case. The network processed over 116 million transactions and burned over 140K XRP from transaction fees, representing a 38% surge in burned XRP compared to the previous quarter. The increase in network activity was attributed to the contribution of NFTs on the XRPL. Although the growth rate of new wallets declined by 38.3% compared to Q4 2022, the XRPL is headed for the 5 million wallet threshold, currently boasting an excess of 4.6 million wallets.
Expert Says Selling XRP Before Ripple-SEC Lawsuit Ends is the Worst Possible Move
Edoardo Farina, Chief Executive Officer of Alpha Lions Academy and Head of Social Adoption at XRP Healthcare, believes it is an unwise decision for existing XRP investors to dump their assets before the lawsuit ends.
XRP Dominates The Market: ADV On Centralized Exchanges Surged by 46% In Q1 2023, Report
According to the Q1 report by Ripple, XRP Ledger (XRPL) on-chain activity remained strong, with decentralized exchange volumes increasing by 34% to $115M in Q1 2023 versus Q4 2022. Furthermore, XRP Average Daily Volume (ADV) on centralized exchanges jumped 46% in Q1 to $1B from $698M, indicating high demand for the cryptocurrency.
XRP Faces Last Line of Defense Against a Drop to $0.40
The occasional market-wide declines have erased some of the gains picked up by XRP during its solo March rally. The asset has dropped by over 20% since the local top of $0.5850 observed on March 29. Following these intermittent declines, XRP is currently at its line of defense against a dip to the $0.40 territory.
Ripple CTO Outlines Three Reasons Not To Hold XRP in Automated Market Maker (AMM)
Ripple's XRP Ledger automated market maker (AMM) is set to go live for end-users, providing XRP holders an extra avenue to earn rewards by providing liquidity to the available pools. The AMM network uses mathematical algorithms to price crypto assets and make it easy for traders to buy and sell them. Ripple CTO David Schwartz expressed his excitement about the feature, but noted that he will only use a portion of his XRP holdings in the XRPL AMM network. He cited three reasons not to hold XRP in an AMM, including the risk of an implementation bug, exposure to other assets, and the potential for missed gains if XRP's price increases rapidly.
11M+ XRP Burned so Far, As XRP Remains Deflationary
Since its launch, the XRP Ledger (XRPL) has burned over 11 million XRP tokens in an effort to tackle spam transactions, but opinions are divided on how effective these burns are in boosting XRP's value. The burn rate is erratic and the network is engineered to decrease the amount of XRP burned as the asset's value increases. While some argue that XRP burns may support the asset's price, others believe that XRP's utility is a major factor driving its price action. Furthermore, official documentation available on the XRP Ledger website states that at the current burn rate, it would take a minimum of 70,000 years to destroy all existing XRP tokens, making XRP "slightly deflationary."
Ripple’s XRPL Grants Program Invites Applications for Web3 Finance Projects
The XRPL Grants Program continues its support for innovation in Web3 finance.
Date Announced for Public Hearing on Lawsuit Claiming XRP is a Security
A hearing on class certification in the Zakinov v. Ripple case is scheduled for later today. The plaintiff in the case seeks to certify a class of all XRP holders who purchased, sold, and hold the cryptocurrency at a loss. The hearing will be held in California’s federal court and is for oral arguments on the question of certifying the class of XRP holders suing Ripple. The Judge has given online access to only 500 members of the public to join the proceedings.
Cointime News Wrapup-Afternoon: Bitcoin White Paper Quietly Removed by Apple From Latest MacOS Beta
Apple has removed the Bitcoin white paper from the latest beta version of its operating system upgrade.
Ripple CTO Says He Is ‘Personally Excited’ About This Upcoming Feature on XRPL
The XRP Ledger (XRPL) is set to introduce a native Automated Market Maker (AMM) feature, which Ripple CTO David Schwartz considers the most exciting development to come to the platform in the past decade. The AMM functionality, a hybrid of Central Limit Order Book (CLOB) and AMM, offers optimal pricing with low slippage, making it easier to get liquidity and allowing anyone to create a new pool of assets to trade.
XRP Lawyer Bids In For Coinbase Referring His XRP Case Filing
Coinbase has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) in an attempt to gain regulatory clarity for digital assets. XRP holders' lawyer in the Ripple lawsuit, John Deaton, showed support for Coinbase by referring to his own filings against the SEC. Deaton highlighted the Coinbase petition as his first writ of Mandamus was also against the SEC, and stated that this is the second writ of Mandamus filed which involves crypto. In his own lawsuit, Deaton sued the commission asking a court to order the SEC to perform its job, and asked the judge to amend Ripple's complaint to just include direct sales done by them.
Expert Claims Selling XRP Before SEC Lawsuit Ends is the Worst Possible Move
Edoardo Farina, CEO of Alpha Lions Academy and Head of Social Adoption at XRP Healthcare, has advised against selling XRP before the conclusion of the ongoing lawsuit between the US SEC and Ripple, stating that it would be the most ill-advised decision for any investor to make. Many in the XRP community believe that the ongoing lawsuit has hindered the asset's potential and that XRP has the potential to experience a significant surge in value once the legal case comes to a favorable resolution. BitBoy, a prominent figure in the crypto space, named XRP as his top altcoin pick for the next bull run, stating that the asset's potential has been constrained by the ongoing legal case. XRP recently achieved new highs during its latest rally, which was partly driven by heightened demand stemming from speculations that the SEC lawsuit was approaching its conclusion.
Ripple and Whales Move 350M+ XRP As Price Drops Below $0.46
Ripple has moved 120 million XRP tokens in two separate transactions, with the assets eventually sent to several exchanges. The first transaction involved the transfer of 50 million XRP to another address owned by Ripple, which then transferred 70 million XRP to another Ripple-affiliated wallet before being sent to Bitso, Bitstamp and Independent Reserve. In addition to Ripple's movements, other whale addresses cumulatively moved over 230 million XRP tokens in five separate transactions. These transactions come at a time when XRP is struggling to hold above the $0.46 price territory amid a fierce battle with the bears.
XRP Community Celebrates As It Gets Major Support Against the SEC
Coinbase has filed a lawsuit against the SEC in the US Circuit Court, seeking to compel the securities regulatory agency to respond to a rulemaking petition filed last July, asking for regulatory guidance for the crypto industry. The move has been celebrated by members of the XRP community, with supporters of the cryptocurrency taking to Twitter to back Coinbase's decision to pressure the SEC via the lawsuit. However, some critics, such as CryptoBull, have called out Coinbase for de-listing XRP and not supporting Ripple in its legal battle against the SEC. Nevertheless, attorney Jeremy Hogan believes that many XRP supporters no longer consider Coinbase an enemy.
Crypto Whales Buy XRP Dip; Moves 180 Mln XRP
Ripple’s native crypto, XRP is trading under increased selling pressure losing its gain registered over the past week. XRP price is down by more than 11% in the last 7 days. However, this dip has allowed the crypto whales to add accumulate more XRP tokens.
Ripple's Head of Public Policy Urges US to Draw Inspiration from EU and UK's Cryptocurrency Regulations
Ripple's Head of Public Policy, Susan Friedman, has urged the US to draw inspiration from the EU and UK's regulatory approaches for cryptocurrency. Friedman warned that the absence of clear regulations in the US drives activity offshore, which hinders the monitoring of illicit and criminal activities, contradicting the goals of critics.
