ETFs, RLUSD, and DEX Volume Surge

• Ripple CEO Brad Garlinghouse described Q4 2024 as a historic moment for XRP.
• XRP saw growth in institutional interest with multiple ETF filings, including from Grayscale and Bitwise.
• RLUSD stablecoin reached a $100M market cap, while XRPL DEX hit $1 billion in Q4 trading volume.

Ripple CEO Brad Garlinghouse has described Q4 2024 as a historic moment for XRP. In a post on X, he emphasized the significant growth in institutional interest in XRP, stablecoin adoption, and on-chain trading activity.

The quarter saw a surge in regulatory filings for XRP-related exchange-traded funds (ETFs), with five firms applying to launch such investment vehicles in the United States. The momentum continued into 2025, as four additional firms submitted applications in January. 

Importantly, these firms include billion-dollar asset managers like Grayscale, Bitwise, and WisdomTree.

Institutional Interest in XRP Is On The Rise

The rise in ETF filings signals increasing demand from institutional investors. Crypto ETFs have become a popular avenue for traditional investors who want exposure to digital assets without directly buying and storing cryptocurrencies. 

Related: Grayscale Files for XRP Spot ETF: Will XRP Price Rally on the News?

The U.S. Securities and Exchange Commission (SEC) is still reviewing the XRP ETFs applications and hasn’t made any comments yet. Many believe ongoing regulatory developments could influence the outcome. 

If approved, these ETFs would provide investors with regulated exposure to XRP, further legitimizing its role in mainstream finance.

RLUSD Stablecoin Gains Traction

Another major highlight from Q4 was the launch of Ripple’s RLUSD stablecoin. Designed as a U.S. dollar-pegged digital asset, RLUSD quickly gained traction, reaching a $100 million market cap within a month.

RLUSD’s rapid adoption suggests a growing appetite for stable digital assets within the XRP ecosystem. Its integration with the XRP Ledger enables fast, low-cost transactions, making it a competitive option in the stablecoin market dominated by USDT and USDC.

XRP Ledger DEX Sees Trading Volume Above $1 Billion

The XRP Ledger’s decentralized exchange (DEX) recorded over $1 billion in on-chain trading volume in Q4, marking one of the highest activity levels in its history. The increase in trading reflects the growing usage of the XRPL for DeFi applications, liquidity provision, and asset swaps.

Related: XRP Ledger DEX Volume Hits $400M in January, Ripple CEO Bullish on Growth

Interestingly, XRPL saw increased on-chain activity despite a slight 2.86% dip in transaction count, totaling 167 million. The AMM feature launched in March contributed to a significant rise in swap volume, reaching $774.15 million in Q4, up from $31.23 million in Q3.

This drove DEX trading volume from $63.4 million in Q3 to $1 billion in Q4, with AMM swaps accounting for 77%. Also, wallet creation surged to 709K, up from 140K in Q3, showing growing interest in the network.

XRP’s price increased from $0.55 in Q3 to $1.43, peaking at $2.80, leading to higher network fees and more XRP burned, rising from 592K in Q3 to 724K in Q4.

What’s Next for the XRP Ecosystem?

The momentum from Q4 2024 suggests XRP is set for further adoption into 2025. 

The potential approval of XRP ETFs could introduce new capital inflows, while RLUSD’s expansion may strengthen Ripple’s presence in the stablecoin market. At the same time, the growing activity on the XRPL DEX signals increasing engagement in decentralized trading.