Ripple recently released its Q3 2024 Markets Report, offering a detailed analysis of the XRP ecosystem and highlighting significant developments including increased institutional interest, and the launch of innovative products.
Key Highlights from the Report
Elevated Trading Volumes: The report indicates elevated trading volumes for XRP during the quarter, with average daily volumes reaching $600-700 million on top-tier exchanges.
XRP/BTC Ratio Increase: The XRP/BTC ratio experienced a 27% increase in Q3. The company noted this as significant with Bitcoin’s reducing dominance, and another prominent analyst recently explained how this could lead to an XRP bull run.
RLUSD: A major milestone was the announcement and work on RLUSD, a decentralized, collateralized stablecoin built on the XRP Ledger (XRPL).
Increased On-Chain Activity: The report highlights a rise in on-chain activity after a dip in May and June. Activity from Q3 included an 11% increase in new addresses, a 5% increase in the average XRP closing price, and a 99% increase in transactions.
The report noted that much of the increased activity came from small-volume transactions and was mainly driven by microtransactions under 1XRP, which it noted was part of a spam messaging campaign.
Institutional Interest: The report also highlights the growing interest from institutional investors in XRP. Several firms, including Bitwise Invest, Canary Funds, and 21Shares, have filed for XRP-related ETFs. Grayscale Investments has also launched an XRP Trust and filed to convert its multi-asset fund into an ETF.
Regulatory Landscape: The report acknowledges the ongoing legal battle with the SEC, which continues to impact XRP’s price movement. However, Ripple remains committed to working with regulators to foster a clear and supportive regulatory framework.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The report also highlighted major regulator developments, like the approval from the Dubai Financial Services Authority (DFSA) which opens up the Dubai International Financial Centre (DIFC) for Ripple’s expansion. Notably, Ripple is the first blockchain-enabled payment provider to receive this approval.
Ripple CEO Weighs In
Ripple CEO Brad Garlinghouse expressed optimism about XRP’s future, highlighting the strong institutional interest and the resilience of the XRP ecosystem.
He posted, “Institutional interest in XRP products is stronger than ever,” pointing to significant filings for XRP ETFs by Bitwise, Canary Funds, and 21Shares, as well as Grayscale’s launch of an XRP Trust and its filing to convert a multi-asset fund to an ETF.
Garlinghouse also highlighted the broader industry sentiment toward recent regulatory developments in the U.S. He remarked, “The SEC’s war on crypto has lost battle after battle,” and noted that the regulator’s disregard for the court’s decisions and authority is diminishing its credibility.
The message from the market is clear – institutional interest in XRP products is stronger than ever. @BitwiseInvest, @CanaryFunds, and @21Shares (just this morning!) filed S-1s for XRP ETFs while @Grayscale launched an XRP Trust and filed to convert its multi-asset fund,… https://t.co/d5Icksw4Sj
— Brad Garlinghouse (@bgarlinghouse) November 1, 2024
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
