Ripple today released its XRP markets report. The report highlights the most significant developments in the crypto industry and broader financial markets in the first quarter of this year. Specifically, the cryptocurrency company expressed confidence that macroeconomic uncertainty will continue into the second quarter of 2023.
Nonetheless, Ripple expects that businesses that prioritize responsible risk management and real-world utility will continue to thrive once the world emerges from the current economic climate.
According to Ripple, the first quarter of this year saw some earth-shaking things happen. Though the global inflation expectations initially slowed down following tightening policy from central banks and regulators, the macro turbulence exposed weaknesses in some parts of the economy. This resulted in several financial institutions such as Silvergate, Silicon Valley Bank (SVB), Signature and Credit Suisse suffering critical setbacks. However, despite the challenges, XRP and other cryptocurrencies demonstrated their resilience.
Ripple v. SEC
In addition to expecting uncertainty over the next few months, Ripple gave its view on the litigation with the SEC, which has been dragging on for more than two years. The crypto company said it expects a summary judgment in 2023. However, the timeline ultimately depends on the court, Ripple clarifies. Previously, the company and its executives had expressed hope that the verdict would be brought in as early as the first half of 2023.