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Ripple's Latest Market Report Shows Surging Institutional Interest in XRP

Mary-Kate Olsen
Mary-Kate OlsenOriginal
2024-11-02 18:30:35258browse

Ripple has finally released their standard quarterly crypto market report. This time it was for Q3 2024.

Ripple's Latest Market Report Shows Surging Institutional Interest in XRP

Crypto markets showed signs of recovery in Q3 2024, with a 50-basis-point rate cut by the Federal Reserve sparking positive movements. Bitcoin rose over 10%, while several altcoins gained up to 50% following the announcement.

The ETF market also saw major developments, with BlackRock, Fidelity, and Grayscale entering the space in the U.S. Notably, among the top 50 ETFs by assets under management, 15 are now focused on BTC or ETH.

Despite the SEC’s appeal, XRP's non-security status remains unchallenged. The current appeal pertains to specific historical distributions rather than XRP's fundamental nature. The appeal process is expected to continue through early 2025.

Here's a summary of Ripple's latest crypto market report for Q3 2024, highlighting key developments, XRP market performance, and the broader crypto market landscape.

Ripple's Latest Market Report Highlights Surging Institutional Interest in XRP

Ripple has released their latest standard quarterly crypto market report, this time covering Q3 2024. The report provides insights into the broader crypto market landscape, highlighting key developments, XRP market performance, and trading activity.

According to the report, Q3 2024 brought significant changes to the crypto landscape. A 50-basis-point rate cut by the Federal Reserve on August 24 sparked positive movements across crypto markets. Bitcoin rose over 10%, while several altcoins, including XRP, experienced gains of up to 50% following the announcement.

The crypto ETF market also saw major developments in the U.S. BlackRock, Fidelity, and Grayscale all filed S-1s for physically backed Bitcoin ETFs, while Bitwise, Canary Capital, and 21Shares filed S-1s for XRP ETFs. Grayscale also launched an XRP Trust and filed to convert its multi-asset fund, Grayscale Digital Currency Trust, into a spot Bitcoin ETF. Notably, among the top 50 ETFs by assets under management, 15 are now focused on either Bitcoin or Ether.

XRP Market Surged with Average Daily Volumes of $600-700 Million on Top-Tier Exchanges

The report highlights strong performance for XRP markets in Q3 2024. Average daily volumes reached $600-700 million on top-tier exchanges, with a peak in mid-August at over 110%, driven by price movements between 40 and 65 cents.

XRP’s volatility settled to around 60% in the latter half of the quarter. Trading volume distribution remained relatively stable, with Binance, Bybit, and Upbit accounting for over 65% of total traded volume. Binance saw a slight decline (-3 percentage points) while CryptoDotCom gained ground ( 6 percentage points) compared to Q2.

The proportion of fiat pair trading increased from 10% to 14%, though USDT pairs continue to dominate trading activity.

XRPL Developments Include Advanced Programmability Initiatives

The report also provides an overview of key XRPL developments during the quarter. Plans to introduce advanced programmability through two initiatives were highlighted.

The first initiative involves native smart contract capabilities on the XRPL Mainnet, which will enable developers to build and deploy fully on-chain smart contracts. The second initiative is the XRPL EVM Sidechain, which will connect the XRPL to the Ethereum Virtual Machine, enabling cross-chain smart contract interactions.

The XRPL EVM Sidechain is being developed in partnership with Peersyst and will use Axelar as a bridge to enable cross-chain transitions with over 55 blockchains.

Ripple also announced its stablecoin initiative, Ripple USD (RLUSD), during the quarter. The initiative aims to create a fully-reserved stablecoin pegged 1:1 to the U.S. dollar, operating under a New York Trust Company Charter.

RLUSD will be governed by an advisory board that includes former FDIC Chair Sheila Bair and former CENTRE Consortium CEO David Puth. Major exchanges, including Uphold, Bitstamp, Bitso, and MoonPay, have already announced their support for RLUSD.

On-Chain Activity Surged with Successful Transactions More Than Doubling

Q3 2024 saw a significant uptick in on-chain activity, with successful transactions more than doubling compared to Q2. The Total Value Locked in Automated Market Makers also doubled from $8.5 million to $16.2 million, with notable increases in CRYPTO/XRP and MAG/XRP pools.

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