Ripple Labs has published its fourth quarter earnings report, revealing his confidence in the ongoing SEC lawsuit over the status of XRP. Despite the two-year legal battle, the report highlights Ripple’s pride in defending it and states that the company is more optimistic than ever about the outcome.
The company hopes to see a sentence before the end of 2023although he recognizes that the moment of the decision is in the hands of the judge.
The report also criticizes the SEC for its approach to regulation, stating that “compliance regulation” is hindering the growth of the crypto industry in the United States. Ripple calls for greater regulatory clarity to enable sustainable and scalable growth of the industry.
“Regulatory clarity is required for the industry to grow sustainably and scalably, something Ripple has long advocated for,” the report says.
RIPPLE’S FOURTH QUARTER REPORT LOOKS BEARISH
Despite the report’s bullish outlook, Q4 2022 numbers show a decline in XRP spot markets, with average daily volumes (ADV) falling from $1.1 billion in Q1 2022 to approximately USD 700 million. This represented a decrease of 13% compared to the third quarter of 2022 and 64% compared to the fourth quarter of 2021.
The XRP cryptocurrency was affected by market turbulence in 2022. During the fourth quarter of that year, its price fell by 30% and its trading volume decreased by 40%. XRP is currently trading at $0.404, showing an increase of 1.21% in the last 24 hours, according to Coinmarketcap.
Its 24-hour trading volume is $916,424,277, which is a 14.31% decrease from the previous day. Nonetheless, XRP remains the sixth largest coin by market capitalization in CoinMarketCap.
Meanwhile, on-chain activity in the XRPL remained relatively buoyant, even as the global market suffered. Ripple claims that the number of transactions on the ledger increased by more than three million, spurred mainly by NFT activity after the XLS-20 amendment was passed on November 2, 2022.
Optimism for Ripple and the SEC case related to XRP increased after the SEC ruled that the sale of LBRY Credits (LBC) tokens, which face similar problems as XRP, on the secondary market did not violate laws of unrecorded values.
This announcement caused a rally in the price of LBC, rising over 100% and peaking at over 280%. Ripple supporters believe a similar outcome will follow for XRP once the case is settled in their favor.