Ripple's Q2 2024 report reaches the public domain, disclosing a remarkable 4.6 billion XRP holdings. The document published on the token's official website also provides a comprehensive report on market trends and regulatory wins amid significant industry developments.
Details of the Report
The report highlighted a summary of the crypto industry and addressed market volatility while celebrating regulatory feats amid global regulatory developments. It also publicized details of the on-chain activity and its XRP holdings while announcing an upcoming stablecoin launch.
Summarizing the Crypto Market
The second quarter of the year witnessed more institutional cryptocurrency adoption as ETH spot ETFs gained approval in the United States. Meanwhile, macroeconomic metrics like inflation, unemployment, and expected interest rates influenced market sentiments. Generally, the top ten cryptos by market capitalization performed better than smaller cap tokens that saw significant corrections.
Regulatory Feats
July marks one year after Ripple won a case against the SEC, for selling XRP as “unregistered securities.” Ripple awaits legal verdicts on remedies linked to its institutional sales up to November 2020, while a California Court dismisses all class claims against Ripple based on federal and state laws, except one individual claim on state laws.
Regulatory Developments
The 2024 US election outcomes could significantly impact the crypto industry. Ripple has donated up to $50 million to Fairshake, an organization supporting pro-crypto political aspirants.
Meanwhile, federal regulators in foreign countries are working to boost crypto adoption. Brazil’s central bank announced plans to create laws for token creators and virtual asset service providers.
Hong Kong published conclusions of consultations made around the use of stablecoins, while the UAE issued the Payment Token Services Regulation. Europe's MiCA stablecoin regulation came through on June 30.
Ripple Stablecoin
Ripple says it will launch its stablecoin, Ripple USD, later in the year. The stablecoin will enjoy 100% backing from US dollar deposits, short-term US government treasuries, and related cash assets. The stablecoin will be available on Ethereum and XRP Ledger blockchains, with prospects of expanding to extra blockchains and DeFi protocols with time.
Summary of On-Chain Activity
Compared to Q1, on-chain activities on all major XRP protocols decreased in Q2. Similarly, the asset saw declines in the asset's volume on the DEX, the number of transactions brokered, and the quantity of XRP burned for transaction fees.
The average cost per transaction (USD) increased by 168%, while the average closing price dipped by 7%. The amount of a new number of wallets reduced by 45%, compared to Q1. Trustlines dipped slightly by 0.6%.
Ripple’s XRP Holdings
Ripple declares its XRP holdings at the end of every quarter. In Q2, the company held 4.68 billion XRP. Meanwhile, 39.5 billion XRP is subject to on-ledger escrow lockups.